Wonderful times continue ......for the super-rich [Archive]

View Full Version : Wonderful times continue ......for the super-rich

BraggSurvivor

06-13-2008, 09:24 AM

To think people laughed at Ross Perot when he talked of the sucking sound.

http://www.latimes.com/news/local/la-me-mansions12-2008jun12,0,6491528.story

"Unaffected by the economic woes besetting the masses, the super-rich are going on creating palace-like complexes. One builder says he knows of 20 houses of at least 20,000 square feet in the works.

By Jessica Garrison, Los Angeles Times Staff Writer
June 12, 2008

In Beverly Hills, a 32,000-square-foot beaux-arts mansion that will be sheathed in Portuguese limestone and adorned with gold-plated doorknobs fashioned in France is rising on Sunset Boulevard.

A few miles away in Bel-Air, businessman Eri Kroh has requested permits to lop off the top of a hill, fill in a canyon and then, after moving some 68,000 cubic yards of dirt, replace the chaparral-covered lot with a 30,000-plus square-foot single family home with Pacific Ocean views.

Just down the hill, workers recently were building retaining walls for a giant lot that real estate experts say could soon feature one or two giant palace-like homes."

How times have changed.................

In 1992

Income ---Number of workers
1,000,000.00 — 1,499,999.99 ---10,819
1,500,000.00 — 1,999,999.99 ---3,913
2,000,000.00 — 2,499,999.99 ---1,957
2,500,000.00 — 2,999,999.99 ---1,196
3,000,000.00 — 3,499,999.99 ---695
3,500,000.00 — 3,999,999.99 ---479
4,000,000.00 — 4,499,999.99 ---347
4,500,000.00 — 4,999,999.99 ---249
5,000,000.00 and over -----------1,234

Total workers in range 20,889

In 2006

Income ---Number of workers

1,000,000.00 — 1,499,999.99 ---45,976
1,500,000.00 — 1,999,999.99 ---17,718
2,000,000.00 — 2,499,999.99 ---9,243
2,500,000.00 — 2,999,999.99 ---5,384
3,000,000.00 — 3,499,999.99 ---3,550
3,500,000.00 — 3,999,999.99 ---2,503
4,000,000.00 — 4,499,999.99 ---1,814
4,500,000.00 — 4,999,999.99 ---1,305
5,000,000.00 — 9,999,999.99 ---5,162
10,000,000.00 — 19,999,999.99 ---1,729
20,000,000.00 — 49,999,999.99 ----581
50,000,000.00 and over --------------126

Total workers in range 95,091

The median wage people

YEAR MEDIAN WAGE---TOTAL EARNING WAGE
1992 $15,610.40 ---75,525.953
2006 $24,891.59 ---77,172,685

The average wage people

YEAR AVERAGE WAGE ---PEOPLE EARNING WAGE
1992 $21,811 ---80,457,896
2006 $38,651 ---101,850,509

• The amount of millionaire wage earners increased by 455%
• The median income increased by 59%?

The area of compensation that saw the most growth was those with annual compensation above $5 million a year (615% growth) and those earning above $1 million (455% growth).

http://www.ssa.gov/cgi-bin/netcomp.cgi?year=1992
http://www.ssa.gov/cgi-bin/netcomp.cgi?year=2006

I see a trend. A trend that shows the upper tier has grown very rapidly with capital flowing for them. The median and lower saw growth but capital didn't flow to them very well.

Can I conjecture that outsourcing and CEO pay helped to add to the capital flow for the upper tier?

For a long time I've seen a future of King & Queen classes ( a few Knights thrown in) and the remainder are knaves to serve the Kings and Queen.

Maybe that is why the powers to be have been fertilizing the "service sector?" Probably the same reason the elite don't want to stop illegal immigration.

One of my clients runs a family owned corp. As the saying goes, they make more money than you can shake a stick at. In this time of economic slowdown they are not sending employees packing to unemployment. Each family member (5 of them) is taking a smaller bonus out of the corp., which is a major portion of their income.

Compare that to the corps of today that surgically remove workers during good times and at the same time CEO pay goes on an astronomical rise.

Beo

06-13-2008, 09:26 AM

They just said on the news this morning that 485 people a month get a forclosure notice in the U.S. as the times are a suc'n here. Gas is grossly high and no real end in sight.

Rick

06-13-2008, 09:51 AM

Beo

06-13-2008, 10:07 AM

Oh I understand that, was just posting what I heard.
Also like that Safe Zone site.
And to me my defination of wealthy is what I have, I live comfortably with all my needs and most all my wants, do pretty much what I want when I want to, have a great wife who supports whatever I want to do, a great son who is turning into a great man. But winning the lottery would be nice.

bulrush

06-13-2008, 10:34 AM

And to me my defination of wealthy is what I have, I live comfortably with all my needs
That's why I like you guys here, because I share your sentiments. I'm not a material person. I have a small house I can afford, and because I am money savvy and plan ahead, I'm not going to lose my house to foolish decisions. And don't ask me to bail out the fools who made bad decisions, whether they are people who got a mortgage too big, or the mortgage companies who ACTIVELY DECIDED to give those people mortgages.

I might comment on the "sheeple" from time to time but I'm never referring to anyone on this site. I'm referring to the rest of the clueless masses.

To me, peace of mind is being able to pay my bills, and spend less than what I earn, and planning for the future. It's not how much you earn, it's how much you spend.

Teotwawki

06-13-2008, 10:47 AM

* Everyone's pay should be equalized at around $60k
* Everyone's real property should be equalized at about 2.5 x their pay
* Everyone's annual personal property allocation should be equalized at about .25 x their pay
* Savings, investments and debt should be equalized
-- All the above regardless of an individuals contributions or lack thereof
* The experts should choose everyone's occupation to best serve society at large
* (Evil) profit motive of businesses should be eliminated

... oh... wait a minute... seems like I remember hearing something about this type of utopian scheme being tried before...

How did that work out?

Rick

06-13-2008, 12:58 PM

Bragg - I had to run some errands so I posted the short version. I'm really not disagreeing with you but I think you are asking the wrong question. A person is worth exactly the amount they negotiate (just like a house or a car). The question, I think, is should a public company's performance be tied to the salary of the executive team. My answer is yes. If Alfred E. Neuman makes 500 million dollars and his company does well, good for him. If he makes 500 million and his company is in the toilet then something is terribly wrong and I'm not holding that stock.

"How come we choose from just two people for President, and fifty for Miss America?" - Alfred E. Neuman.

rebel

06-13-2008, 01:10 PM

1stcavmp77

06-13-2008, 02:09 PM

the problem is all these ceo's and such keep getting richer because their companies are sending their work overseas to india, china, mexico, etc, etc. so thier labor gets cheaper the price of their product gets higher and they get richer exponentially. that is why the rich keep getting richer and the rest of us stay the same. and washington isn't doing anything about it. now that doesn't excuse the ones who won't work i'm not saying that at all. when was the last time you called a customer service number and had to talk to somebody in india? ring a bell?

Rick

06-13-2008, 02:24 PM

Ring a bell? Calling India. I get it. Pretty good pun.

1stest. Why would the government give a whit where a company has their call center?

2ndest. Why would the government give a whit where a company produces their product? (excluding classified government stuff).

3rdest. Why do you care that some CEO made a zillion bucks last year?

4thest. Do you have any idea how philanthropic any of those CEOs are?

5thest. Crack open a business book and study a tad about it. You'll find that costs are rising in India. That's how it works, see? You exploit some cheap labor group then they find out how much money they can make. Next thing you know they are demanding raises. Ring a bell? U.S. textiles maybe? Mining? Any other U.S. jobs come to mind? Seems they all want a raise, too.

6thest. I'm not certain what math you used to get to exponentially richer but I get your point. I've said this SO many times before. World economy is just a natural extension of the way we do business. Do you buy products only produced by your family? No. Do you buy products only produced in your town? No. Do you buy products only produced in your state? No. So why do you have heartburn about products made in some other country? It was bound to happen. What you have to do as an individual is look into that crystal ball and figure out what jobs are not gonna be around in 5 years or 10 years (there are government web sites that will tell you that by the way) and don't be in those jobs in 5 or 10 years. Figure out what jobs are gonna be hot (they tell that, too) and position yourself into one of those. OR...invent the next thingy, mousetrap, whatchamacallit, that will make you a bazillion bucks then everyone can talk about what a heal YOU are.

Hey, I don't know nuthin'. That's just my thoughts.

BraggSurvivor

06-13-2008, 11:58 PM

Put it in perspective. If that many folks are getting rich, it shows the process works. Do you think Bill Gates got his money from the "powers that be"? Once again, I'll say it, everyone (well 98% maybe) want to live out the American dream and become wealthy (stick in your definition of wealthy here). Yet, the minute someone else does it's a conspiracy. How many folks on here look at your lifestyle, Bragg, and wonder if you aren't part of the conspiracy, eh? Land, RV, Nice trucks, cattle, rental property, gold and silver, owns land outside the country. Takes nice vacations when he wants to. Partner, I think you are the conspiracy. To the gallows with him!!!!!!!!!!!

Beo - Bro, if they lost their home then chances are pretty good they couldn't afford it in the first place. I have a neighbor that is in foreclosure. He doesn't work. Holds jobs about three weeks and gets fired. I feel no remorse for him.

No Rick, I was actually, (this time) posting a normal thread. Honest buddy! :D I was merely pointing out the gap is spreading between the rich and the poor.

In all honesty, Ive worked very hard to do and have the thing Ive accomplished. I cant even take all the credit as my wife for many years filled my role as I just wasnt there. Was it worth all that? Was it worth the relationship that was destroyed between my only son and I? I regret many things.

Time to set things right. ;)

Once again, I'll say it, everyone (well 98% maybe) want to live out the American dream and become wealthy (stick in your definition of wealthy here).

True. But I think an even bigger part of the problem is that when you are speaking to people 'at the bottom of the wage scale' and you say terms like "compounding", "percentages", "fractions" their eyes glaze over. They check out. Wonder what's on ESPN. I've seen this happen. For example, my mother is a religious fanatic. Super Catholic. She's always broke. Always hitting me up for money. I was explaining budgeting to her one night (she doesn't budget - her emotions tell her when/what to buy). I was going over fixed expenses, discretionary expenses, capital investments. She started getting a deer in the headlights look on her face. When I got to the part discussing the importance of calculating your financial net worth every month, to know where you're at progress-wise and to have a yardstick to keep your debts as a percentage of your net worth, she exploded. "What about the net worth of your soul!", she screamed. "Jesus will provide". And that was the end of that. Still hits me up for money every month.

Unfortunately, today in the US (and through most of the west as well), there exist the entitlement mentality, and not just among the poor as conservatives claim; this mindset runs the gamut of the economic strata, from the very top, to the bottom. Everyone is entitled and it's up to other to get it for them. It seems the biggest practitioners of the 'Me Too' mentality, are its critics. ;)

BraggSurvivor

06-14-2008, 12:04 AM

Flavor Bear

06-14-2008, 01:08 AM

Okay, I get it. I can take a hint.
You all want me to become a real-life Robin Hood.
I'll do it but I'm not wearing tights.

crashdive123

06-14-2008, 05:15 AM

In all honesty, Ive worked very hard to do and have the thing Ive accomplished.

Are you inmplying that others that are well off, wealthy, rich (pick which ever fits) did not work hard to get where they are?

BraggSurvivor

06-14-2008, 07:31 AM

Absolutely not. But to what extent? That is what I'm getting at.

Rick

06-14-2008, 08:27 AM

This will shock the forum neighborhood but I agree with Bragg. So many people won't even balance their check book. You work hard for your money, regardless of where you land on the income line, and soooooo many folks cash the check then have no clue where it goes. You either control your money or it controls you. There is no in between.

The gap grows because folks don't bother to look after their finances.

FVR

06-14-2008, 01:51 PM

This actually really sucks! as I have to agree with Bragg also. CRAP!!!

I look at those around me and how they are having major money problems and are slowly losing. The can't pay their mortgage, but they are driving monster SUV's that eat up their money on gas, because of status.

I do not feel sorry for anyone who is losing their home, when they have big screen tv's, bluetooths, those exp. music boxes, fancy shmancy phones, and eat out at every chance. I do feel for those that may have gotten into trouble due to medical expenses.

For the first time in over 6 years, I have chosen to invest through the company I work. I do the min. of 4%, any amount I put in is only going to be matched on the first 2%. So, for every 100 I put in, they put in 50, that's good. There are others who put in 6 plus, but the company is still only putting in 2%, don't get it.

We were talking about the ESOP program, I'm 100% vested and have a very good amount. The wife said that it is a shame, as a tech., I do alot of the hard work, yet the managers probably get alot more investment in their ESOP because of the fact that they are managers.

I can't go through life worrying about others, I do what I do and I do it the best.

We are a single income family, 2 adults, 2 kids, we live in a very upscale hood, we have two vehicles, on a 2000 Camry the other a 2005 minivan, we have no credit card debt, after July we will have no car debt, and we budget our arses off.

My wife does coupon mom, we have budgets for eating out, date night, blow money, etc. We also have a slush fund for the unknown.

Every two weeks, we have a sitdown and do the budget. If I need to work more, I do. If I don't need to work more, I work more anyway.LOL.

But remember, no matter how much casholla ya have, you're always only paychecks away from being homeless.

Rick

06-14-2008, 05:02 PM

Good post, Frank.

2 for 1 is a good deal. 401Ks are typically the best overall investment vehicle. They are not only tax deferred but it's like the company is giving away money. It's silly not to invest at the maximum rate they will match (if you can afford it). Roth IRAs are a close 2nd.

I can't speak for your company but generally ESOPs are based on income so yes, managers, directors, VPs, etc. all have access to more options than their subordinates. I learned a long time ago that the higher in an organization you go the less physical labor you do and the more money you make. That seemed like a remarkably inviting formula to me so I tried to take advantage of it. Some folks don't want the responsibility. To each his (her) own.

I invested in ESOP for years and never got burned. I always made money on them. I'm still sitting on some stock options that expire next year and I've been gone from the company for 4 years. Just make certain your investments are spread among different classes of mutual funds and you are NOT just holding your company's stock. That's a recipe for disaster.

I can't go through life worrying about others.

That's a pretty good philosophy to live by. I won't go through life that way. If you have very good luck I'll congratulate you. If you have very back luck I'll offer my condolences. But I'll never be envious or complain that you received X and I didn't.

wildWoman

06-14-2008, 05:36 PM

What does it all have to do with wilderness survival...? To survive/live in wilderness, you neither need truckloads of money nor a secure income. A head with a brain inside, willingness to do physical work and getting a kick out of nature instead of counting cash is all that's required. Main ingredient needed though is wilderness.
I'll take being a financially poor bush bum any day over being Dagobert Duck.

Rick

06-14-2008, 05:38 PM

Sometimes its a means to that end.

FVR

06-14-2008, 06:16 PM

Actually, it means alot.

We need Remy to draw lines between those that can make it successfully financially and those that can make it in the wilderness.

Both, takes alot of skill, thinking, resistance to temptation along with a host of many other ideas that go along with survival in general.

Those that are successful, alot of the time are self starters in both wilderness and urban survival.

There, I tried.

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Doug (http://readingmagnifier.ru/shop/96626)Ñ‡Ð¸Ñ‚Ð° (http://rearchain.ru/shop/335025)Ð¿ÐµÑ€Ñ (http://recessioncone.ru/shop/512474)Volt (http://recordedassignment.ru/shop/14071)Oisi (http://rectifiersubstation.ru/shop/1047084)Ð¡Ð¾Ñ‚Ð½ (http://redemptionvalue.ru/shop/1058386)Ð¡Ñ‚Ñ€Ð° (http://reducingflange.ru/shop/1067175)ÐºÐ»Ð°Ñ (http://referenceantigen.ru/shop/1692223)Blue (http://regeneratedprotein.ru/shop/1208077)Ð°Ð²Ñ‚Ð¾ (http://reinvestmentplan.ru/shop/120633)Side (http://safedrilling.ru/shop/1308255)Ð°Ð²Ñ‚Ð¾ (http://sagprofile.ru/shop/1034811)Ð°Ð²Ñ‚Ð¾ (http://salestypelease.ru/shop/1064136)Ð°Ñ€Ð¼Ð¸ (http://samplinginterval.ru/shop/1405270)ÐÐ»ÐµÐº (http://satellitehydrology.ru/shop/1416759)
Barr (http://scarcecommodity.ru/shop/1431551)Area (http://scrapermat.ru/shop/1446563)Ñ‚Ð²Ð¾Ñ€ (http://screwingunit.ru/shop/1487436)Ð±ÑƒÐºÐ² (http://seawaterpump.ru/shop/167226)Alic (http://secondaryblock.ru/shop/247409)Ð¤Ð¾Ñ€Ð¼ (http://secularclergy.ru/shop/263927)Ð¼Ð½Ð¾Ð¶ (http://seismicefficiency.ru/shop/40856)ÐÑ€Ð½Ð¾ (http://selectivediffuser.ru/shop/47438)Borg (http://semiasphalticflux.ru/shop/398203)ÐŸÐ°Ñ€Ñ‹ (http://semifinishmachining.ru/shop/68014)Ð³Ð°Ñ€Ð° (http://spicetrade.ru/spice_zakaz/1873)Ð³Ð°Ñ€Ð° (http://spysale.ru/spy_zakaz/1873)Ð³Ð°Ñ€Ð° (http://stungun.ru/stun_zakaz/1873)Wind (http://tacticaldiameter.ru/shop/460396)Ð—Ð°Ñ†Ðµ (http://tailstockcenter.ru/shop/471103)
Davi (http://tamecurve.ru/shop/82338)ÐœÐ°Ð¹Ð¾ (http://tapecorrection.ru/shop/83694)Ð°Ð²Ñ‚Ð¾ (http://tappingchuck.ru/shop/484597)Ð²Ð¾Ð·Ñ€ (http://taskreasoning.ru/shop/496368)1920 (http://technicalgrade.ru/shop/1813923)Ñ†ÐµÐ½Ñ‚ (http://telangiectaticlipoma.ru/shop/620026)Clar (http://telescopicdamper.ru/shop/619871)Prac (http://temperateclimate.ru/shop/265150)Ð°Ð²Ñ‚Ð¾ (http://temperedmeasure.ru/shop/398175)Ð*ÑÐ±Ð¾ (http://tenementbuilding.ru/shop/933411)tuchkas (http://tuchkas.ru/)Comp (http://ultramaficrock.ru/shop/461231)Tosk (http://ultraviolettesting.ru/shop/475508)

yellowcab

01-08-2026, 11:18 AM

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lambdatransition.ru (http://lambdatransition.ru)laminatedmaterial.ru (http://laminatedmaterial.ru)lammasshoot.ru (http://lammasshoot.ru)lamphouse.ru (http://lamphouse.ru)lancecorporal.ru (http://lancecorporal.ru)lancingdie.ru (http://lancingdie.ru)landingdoor.ru (http://landingdoor.ru)landmarksensor.ru (http://landmarksensor.ru)landreform.ru (http://landreform.ru)landuseratio.ru (http://landuseratio.ru)languagelaboratory.ru (http://languagelaboratory.ru)largeheart.ru (http://largeheart.ru)lasercalibration.ru (http://lasercalibration.ru)laserlens.ru (http://laserlens.ru)laserpulse.ru (http://laserpulse.ru)

yellowcab

01-08-2026, 11:19 AM

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manualchoke.ru (http://manualchoke.ru)medinfobooks.ru (http://medinfobooks.ru)mp3lists.ru (http://mp3lists.ru)nameresolution.ru (http://nameresolution.ru)naphtheneseries.ru (http://naphtheneseries.ru)narrowmouthed.ru (http://narrowmouthed.ru)nationalcensus.ru (http://nationalcensus.ru)naturalfunctor.ru (http://naturalfunctor.ru)navelseed.ru (http://navelseed.ru)neatplaster.ru (http://neatplaster.ru)necroticcaries.ru (http://necroticcaries.ru)negativefibration.ru (http://negativefibration.ru)neighbouringrights.ru (http://neighbouringrights.ru)objectmodule.ru (http://objectmodule.ru)observationballoon.ru (http://observationballoon.ru)
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readingmagnifier.ru (http://readingmagnifier.ru)rearchain.ru (http://rearchain.ru)recessioncone.ru (http://recessioncone.ru)recordedassignment.ru (http://recordedassignment.ru)rectifiersubstation.ru (http://rectifiersubstation.ru)redemptionvalue.ru (http://redemptionvalue.ru)reducingflange.ru (http://reducingflange.ru)referenceantigen.ru (http://referenceantigen.ru)regeneratedprotein.ru (http://regeneratedprotein.ru)reinvestmentplan.ru (http://reinvestmentplan.ru)safedrilling.ru (http://safedrilling.ru)sagprofile.ru (http://sagprofile.ru)salestypelease.ru (http://salestypelease.ru)samplinginterval.ru (http://samplinginterval.ru)satellitehydrology.ru (http://satellitehydrology.ru)
scarcecommodity.ru (http://scarcecommodity.ru)scrapermat.ru (http://scrapermat.ru)screwingunit.ru (http://screwingunit.ru)seawaterpump.ru (http://seawaterpump.ru)secondaryblock.ru (http://secondaryblock.ru)secularclergy.ru (http://secularclergy.ru)seismicefficiency.ru (http://seismicefficiency.ru)selectivediffuser.ru (http://selectivediffuser.ru)semiasphalticflux.ru (http://semiasphalticflux.ru)semifinishmachining.ru (http://semifinishmachining.ru)spicetrade.ru (http://spicetrade.ru)spysale.ru (http://spysale.ru)stungun.ru (http://stungun.ru)tacticaldiameter.ru (http://tacticaldiameter.ru)tailstockcenter.ru (http://tailstockcenter.ru)
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