"Joy and pleasure are as real as pain and sorrow and one must learn what they have to teach. . . ." -- Sean Russell, from Gatherer of Clouds

"If you're not having fun, you're not doing it right." -- Helyn D. Goldenberg

"I love you and I'm not afraid." -- Evanescence, "My Last Breath"

“If I hear ‘not allowed’ much oftener,” said Sam, “I’m going to get angry.” -- J.R.R. Tolkien, from Lord of the Rings
Showing posts with label money speaks. Show all posts
Showing posts with label money speaks. Show all posts

Thursday, January 24, 2019

Today in Disgusting People: If Ya Got It, Flaunt It

This pretty much speaks for itself:

Billionaire Ken Griffin, who is becoming almost as known for his prodigious purchases as he is for his investment acumen, has closed on a New York penthouse for roughly $238 million. The deal sets a record for the highest-priced home ever sold in the U.S. The purchase is the latest in a string of record-breaking acquisitions by the Citadel hedge fund founder. Earlier this year, Mr. Griffin bought several floors of a Chicago condominium for $58.75 million, setting a record for the most expensive home ever bought in that city.

He snapped up a penthouse in Miami Beach’s Faena House in 2015 for $60 million, setting the record for a Miami condo. Since 2012, Mr. Griffin has spent close to $250 million assembling land to build a mansion in Palm Beach, Fla., according to public records. And earlier this month, he acquired a London home for about $122 million in one of the priciest deals ever done in that city, according to people familiar with that deal.

There are approximately 400,000 homeless people in this country, including about 40,000 veterans.

Need I say more?

Footnote: For a number of years I worked closely with a woman who was, to put it bluntly, rich. I also knew a number of Chicago's wealthiest people, all of whom were actively involved in various charitable organizations. For the most part, they held one view in common: The world had been good to them, so it was only right that they give something back.

Too many of the rich don't seen to believe that.

Sunday, March 19, 2017

Today's Must-Read: Follow the Money

Which is how Josh Marshall titles this post on the Trump/Russia connection(s), based in large part on this report from Bloomberg:

Trump’s soft spot for Russia is an ongoing mystery, and the large number of condominium sales he made to people with ties to former Soviet republics may offer clues. “We had big buyers from Russia and Ukraine and Kazakhstan,” says Debra Stotts, a sales agent who filled up the tower. The very top floors went unsold for years, but a third of units sold on floors 76 through 83 by 2004 involved people or limited liability companies connected to Russia and neighboring states, a Bloomberg investigation shows.

It gets pretty convoluted, but the Bloomberg report is illuminating, and Marshall has some pertinent comments as well: It's not as simple as Trump being Putin's puppet.

Saturday, August 27, 2011

This Will Get Marijuana Legalized

Drugs derived from marijuana may cure cancer. And guess who's interested?

But it’s not just Dr. Nagarkatti who sees the medical value of marijuana: it’s the whole pharmaceutical industry. And that’s another point the documentary makes, examining the patents various companies have filed, and what they claim marijuana-based drugs could one day be used to treat.

Legalization within five years at the federal level. Ya think?

Thursday, October 21, 2010

Wednesday, October 20, 2010

The Morality of Being Rich

Ran across a post by Andrew Sullivan this morning that touches more or less directly on my post about Frans de Waal's article on "Morals Without God".

Sullivan's post is a continuation of an earlier post on taxation of the very rich. It starts off with a reader's comment, and note Sullivan's response:

As a liberal, I don't have any problem acknowledging that many of the wealthy people in our society have worked hard to earn what they have. What I question is whether their financial rewards are proportionate to their work, given that the creation of wealth is the product of collaborative efforts far more often than it is the product of individual acts of genius. What I also question is why conservatives so often forget that many people of ability work very hard and do not accrue such wealth. If it is a question of hard work, tell me Andrew - who works harder than a single mother employed at Wal-Mart?
I don't deny that. But if an entrepreneur works just as hard but because he's smarter or more driven or more innovative, I think he deserves as much of his rewards as is compatible with a basic safety net and core public goods. After all, he is the person whose success makes taxation possible at all - or rather far more successful than if there were only Wal-Mart workers. But I am content with inequality as the price of freedom, and do not believe the government should punish people for being successful.


Sullivan completely blows off his reader's point that success is very seldom an individual affair. That wouldn't fit in very well with what I suspect is his underlying Randian premise that it's the supermen who create all the wealth and who therefore should reap all the benefits. I don't think he's ever said any such thing outright, but that seems to be a subtext to much of his political/economic thought -- although he does seem to be moderating a bit now that the right has thrown him out on his ear for being rational. (Sullivan does recognize the provision of a safety net as a legitimate purpose of government, among other things -- a definite weakening in his libertarian cred.)

The "taxation as punishment" idea is a stance that's pervasive on the right, and Sullivan reinforces it later:

The successful already pay the bulk of the taxes. I just don't see why tax hikes should be framed as some kind of revenge on them, or long-overdue comeuppance.

This round of the libertarian anti-tax hike polemic (and can I point out once more that it's not a "hike," it is merely allowing a temporary tax cut to actually be temporary?) seems to have started with this post, in which Sullivan wrote:

Most of the tax hike is going to come from people like me; and I don't like it, and do think it adds a disincentive to work harder.

First off, if your tax bill is a major determinant of how hard you work, there is something wrong with you. Secondly, it's not a "tax hike" -- see above.

I don't understand where this whole idea of "taxes as punishment" is coming from, quite frankly. The imputation is that the left, somehow, is enjoying a great amount of glee in "sticking it" to the rich. I suspect there's more than a little projection in Sullivan's attributing that idea to the left, in a sort of reversal: I don't really know anyone, liberal or otherwise, who derives that kind of satisfaction from the idea that the rich pay more taxes. It's really playing the victim card on the part of those who are not being victimized. (His misreading of DougJ's post, below, is just that -- a misreading. I make no guesses on whether it's deliberate or just clueless.) There is a hint of the origins of this, on Sullivan's part, at least, here:

His fellow blogger Doug J pulls no punches:
Why the fuck does it matter what Democrats are willing to acknowledge about how hard some rich people work when they’re not proposing a marginal tax rate much over 40%? For God’s sake, isn’t it enough that we don’t tax rich people much, now we have to get down on our knees and tell them how great they are for working so hard? And what would fellating these geniuses accomplish anyway?
Doug J - with his snarl at the rich - proves my point. As a moral matter, I see no reason why people who work hard shouldn't keep as much of their earnings as possible, and the only reason to tax them is to provide a safety net for the unlucky and sick and poor, and to fund essential functions of government (defense, law and order, public works, education, basic scientific research, etc). But my real point was about making the case for the necessary evil of such taxation in a civil and constructive way.


DougJ's snarl doesn't prove shit, except that maybe he's a little bit out of patience with the likes of Sullivan demanding that we treat the privileged classes (of which Sullivan, by his own admission, is a member) with respect verging on subservience. As for making the case for the "necessary evil" of taxation, why the hell should we need to? Especially in light of this finding from de Waal's essay:

Chimpanzees and bonobos will voluntarily open a door to offer a companion access to food, even if they lose part of it in the process. And capuchin monkeys are prepared to seek rewards for others, such as when we place two of them side by side, while one of them barters with us with differently colored tokens. One token is “selfish,” and the other “prosocial.” If the bartering monkey selects the selfish token, it receives a small piece of apple for returning it, but its partner gets nothing. The prosocial token, on the other hand, rewards both monkeys. Most monkeys develop an overwhelming preference for the prosocial token, which preference is not due to fear of repercussions, because dominant monkeys (who have least to fear) are the most generous.

I think that in the right-wing libertarian arguments against graduated taxes -- or any taxes at all -- we're seeing a perversion of our natural impulses.

Let's go back to Sullivan's contention that ". . . if an entrepreneur works just as hard but because he's smarter or more driven or more innovative, I think he deserves as much of his rewards as is compatible with a basic safety net and core public goods." Let's try a reality check: is Sullivan proposing that the CEOs and other officers of financial services corporations responsible for the present depression were "more innovative" and thus deserve their hundred-million-dollar bonuses? Or for that matter, any of those executives from any industry who are making a million or more a year in compensation? I don't see a lot of innovation coming out of these people. What I do see is an expectation of rewards that amounts to privilege much more than an expectation of fair compensation. (The awarding of enormous "retention bonuses" in an industry in which no company was hiring is, I think, indicative.)

Full disclosure: I've worked with and for a lot of very rich people over the years, almost all of them what we call "lakefront liberals" in Chicago. Every single one of them, including a futures trader who regularly made or lost a million dollars in a day, subscribed firmly to the belief that they had been fortunate and very highly rewarded, and had a responsibility to give something back, which they did, both in resources and in time. And they were all Democrats.

I realize that someone is going to come back spluttering about voluntary giving to charities. Let me point out one central problem with that: there is no charitable organization big enough to handle the kind of things we're talking about here -- Social Security, Medicare and Medicaid, disaster relief on the scale of something like Katrina (a royal eff-up in that case, but that's the end result of a noxious combination of right-wing thinking and rewarding incompetence -- um, excuse me, I mean "party loyalty.")

What I find most reprehensible about the values of the spoiled brat brand of libertarianism, and even more, those of the teabagger sockpuppets, is that they make a lot of noise about "personal responsibility" but that concept never seems to translate into actual responsibility toward anyone. (Although Sullivan, at least, admits that we need government, but he seems uncomfortable that those who derive the most benefit from it should foot most of the bill.) It's the end result of St. Ronnie's "Greed is Good" philosophy. And it's all based on fairy tales of how "entrepreneurs" have all earned it. Bullshit.

Even chimpanzees can do better than that.

Wednesday, September 09, 2009

The Space Merchants

That's the title of a classic science-fiction novel from the 1950s by Frederik Pohl and C. M. Kornbluth. The premise is that the U.S. is quite openly run by corporations -- senators represent AT&T, General Motors, BBD&O and the like. The individual is nothing more than a consumer who makes just enough to spend it all on whatever marketing organizations decide he or she "needs" most. (Need I add that Pohl and Kornbluth were recognized as gifted satirists in the tradition of Jonathan Swift and Nikolai Gogol?)

It's about to come true:

One major provision of the McCain-Feingold law banned the broadcast of independent political advertisements about candidates within 30 days of an election if the ads were financed by corporate or union funds. The Supreme Court upheld this provision six years ago, but since then, conservative groups have repeatedly brought new challenges, including a relatively minor challenge that was heard by the court in March.

The argument went badly for campaign finance reform advocates when a government lawyer was asked whether Congress could also pass a law banning the publication of a corporate-funded campaign book just before an election. Yes, said the lawyer, adding that no such law exists. At the prospect of book-banning, Justice Samuel Alito blurted "that's pretty incredible," and other justices openly gaped.

In June, the justices ordered the case re-argued, only this time, they said they wanted the lawyers to focus on whether the Constitution permits any ban on corporate spending in candidate elections. In short, the court said it is considering whether to reverse decades of its own decisions.


Ted Olson is arguing the case for the corporations six years after he defended the law before the Court:

"The most important right we have in a democracy is the right to participate in the electoral process. We've smothered that right with the most incomprehensible, burdensome, unintelligible set of regulations and laws, some of which are criminal laws, surrounding that freedom. That's intolerable," says Ted Olson, who argued in support of the McCain-Feingold law as solicitor general for the Bush administration. On Wednesday, he will be arguing against it.

Olson maintains that corporations are individuals, in a constitutional sense, and should be able to express their views. Money, he says, is speech.

"You can't speak without money," Olson says. "In this day and age, you need resources to reach people. And that's part of the right to speak." He adds: "There's nothing more important under the First Amendment than to talk about elections."


The big question, of course, is whether the First Amendment applies to corporations, which, while legally "persons," are not, in fact, "individuals."

At any rate, given the current composition of the Court, I'm betting on the corporate interests. They already own Congress -- might as well make it official.