# Let's all cry for the rich **URL:** \ **Category:** The BBQ Pit\ **Created:** [June 2, 2008, 5:42am UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440 "2008-06-02T05:42:50Z")\ **Posts on this page:** 20\ **Page:** 5
**Author:** ![Voyager](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/voyager/32/133_2.png) [@Voyager](https://boards.straightdope.com/u/Voyager)\ **Post date:** [June 2, 2008, 8:48pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/81 "2008-06-02T20:48:38Z")
[QUOTE=AimeeB] I felt sorry for a man who had no hat until I met a man with no head. [/QUOTE] Ichabod Crane, is that you? šŸ˜ƒ ---
**Author:** ![ultrafilter](https://avatars.discourse-cdn.com/v4/letter/u/3d9bf3/32.png) [@ultrafilter](https://boards.straightdope.com/u/ultrafilter)\ **Post date:** [June 2, 2008, 9:01pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/82 "2008-06-02T21:01:01Z")
[QUOTE=Voyager] Definitely agree about the stupidity part, but wasnā€™t some of the liquidity crisis caused by the instruments being so complex that no one knew how to value them? [/quote] To some degree. As I understand it, the larger issue was that the most complex derivatives were traded so infrequently that they couldnā€™t be marked-to-market (i.e., priced based on the traded prices of similar securities), but rather had to be priced based on models that were shown to be inadequate. In particular, the models didnā€™t account for liquidity risk (which seems to be fairly difficult to quantify). > [@](#): > > No one cared while the housing market was ok, but it exploded the moment the market went down. But there seems to be plenty of blame to go around. I know the arguments for instruments making a market in stuff that used to be be more or less static, but do you agree that maybe things went a little too far? My position is that we need more and better regulation. I think that weā€™ll get it; Iā€™m just hoping that itā€™s not a complete hash when we do. ---
**Author:** ![brazil84](https://avatars.discourse-cdn.com/v4/letter/b/8491ac/32.png) [@brazil84](https://boards.straightdope.com/u/brazil84)\ **Post date:** [June 2, 2008, 11:08pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/83 "2008-06-02T23:08:29Z")
[QUOTE=Evil Captor] Yeah, but this just stupid reverse one-upmanship. Let me play one on you: Well, I gaurantee you that there are a lot of people who really envy guys who are merely starving and homeless, because they are also starving and homeless _and have diseases that leave them grotesquely disfigured and make them smell bad and have 29 kids depending on them all of whom are sweet and loving and mildly retarded, and their wife has a social disease that makes that time of the month **all** month._ So your standard starving and homeless people will get no sympathy from me, because **those** guys have it a lot worse! Save your pity for them! Oh, I feel so reverse-superior now! :p: [/QUOTE] I canā€™t speak for anyone else, but Iā€™m not saying that anyone doesnā€™t deserve sympathy. On the contrary, I would say that anyone who loses is potentially deserving of sympathy. Even the millionaire who has to give up his yacht or whatever. ---
**Author:** ![brazil84](https://avatars.discourse-cdn.com/v4/letter/b/8491ac/32.png) [@brazil84](https://boards.straightdope.com/u/brazil84)\ **Post date:** [June 2, 2008, 11:09pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/84 "2008-06-02T23:09:47Z")
[QUOTE=Voyager] And plenty of them do, not for their own birth certificate but for their unborn babies. I lived in Africa across the street from a shanty town without water. I bet even those people would rather not be living in a box under a bridge. But, that said, our guy working two jobs is doing all he can for his home and family, and not whining about having to sell excess baubles. [/QUOTE] One manā€™s bauble . . . ---
**Author:** ![Nava](https://avatars.discourse-cdn.com/v4/letter/n/da6949/32.png) [@Nava](https://boards.straightdope.com/u/Nava)\ **Post date:** [June 3, 2008, 9:49am UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/85 "2008-06-03T09:49:39Z")
[QUOTE=Cheesesteak] I presume he is an asshole because he had a net worth of $20m? AFAICT, all he has done thus far is express his fears of losing his wife to a divorce lawyer, and admit to said lawyer that his lavish net worth is significantly less lavish now. [/QUOTE] Anybody who will share his financial troubles with his lawyer sooner than with his spouse may not be an asshole but heā€™s certainly a moron. ---
**Author:** ![Mr\_Buttons](https://avatars.discourse-cdn.com/v4/letter/m/a6a055/32.png) [@Mr\_Buttons](https://boards.straightdope.com/u/Mr_Buttons)\ **Post date:** [June 3, 2008, 10:42am UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/86 "2008-06-03T10:42:18Z")
As a Guest with the ā€˜specialā€™ feature of Google ads, I thought Iā€™d share this one w/ you members who miss out on the Google Ads: Iā€™m Rich. Youā€™re Not. See how I make $3 Million per year. But keep the drooling to a minimum. [TheRichJerk.com](http://TheRichJerk.com) Iā€™m sure it only costs $20-50 dollars for the introductory package. (I refuse to click on the ad, cause Iā€™m sure itā€™s all BS). ---
**Author:** ![Hamadryad](https://avatars.discourse-cdn.com/v4/letter/h/6de8d8/32.png) [@Hamadryad](https://boards.straightdope.com/u/Hamadryad)\ **Post date:** [June 3, 2008, 12:38pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/87 "2008-06-03T12:38:43Z")
[QUOTE=Voyager] The article did not mention anyone taking out loans to support their standard of living, only selling off stuff. [/QUOTE] From the article: ā€œThey apply for a line of credit before art auctions, supposedly to buy a painting or a sculpture, but use that borrowed money to pay other debts.ā€ ---
**Author:** ![tdn](https://avatars.discourse-cdn.com/v4/letter/t/94ad74/32.png) [@tdn](https://boards.straightdope.com/u/tdn)\ **Post date:** [June 3, 2008, 12:58pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/88 "2008-06-03T12:58:53Z")
[QUOTE=Mr Buttons] As a Guest with the ā€˜specialā€™ feature of Google ads, I thought Iā€™d share this one w/ you members who miss out on the Google Ads: Iā€™m Rich. Youā€™re Not. See how I make $3 Million per year. But keep the drooling to a minimum. [TheRichJerk.com](http://TheRichJerk.com) [/QUOTE] Debt Settlement - Cut 60% Reduce Your Debt By Up To 60%. Cut Payments In Half & Payoff Fast! > **[Debt Relief: Options to Get Out of Debt Faster | Freedom Debt Relief](https://www.freedomdebtrelief.com)** > > Learn what debt relief is, how it works, and compare options like debt settlement and debt consolidation. See pros, costs, and how to get started. ---
**Author:** ![The\_Them](https://avatars.discourse-cdn.com/v4/letter/t/898d66/32.png) [@The\_Them](https://boards.straightdope.com/u/The_Them)\ **Post date:** [June 3, 2008, 1:54pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/89 "2008-06-03T13:54:47Z")
**Mr. Buttons,** bravo! You may fit in hereā€¦after your hazing period. Lessee; True Entrepreneurs Only. No Selling. Residual Income. Make $10-$200k/ Month. [BestMillionDollarGamePlan.com](http://BestMillionDollarGamePlan.com). What fucking losers would go for that?! Everyone knows a million dollars ainā€™t shit these days. Thatā€™s barely lower middle class! (Thank you, Lauch Faircloth) Really, I dunno how to make any new points on this one. I actually _have_ been homeless and hungry; nothing romantic about it, I promise you. Once, when a college mate was complaining about some foolishness, I said (quote may not be exact): ā€œWhatever your problems, theyā€™re a lot easier to handle when you donā€™t have to worry about a roof over your head!ā€ ---
**Author:** ![tdn](https://avatars.discourse-cdn.com/v4/letter/t/94ad74/32.png) [@tdn](https://boards.straightdope.com/u/tdn)\ **Post date:** [June 3, 2008, 2:02pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/90 "2008-06-03T14:02:58Z")
Debt Help Get Christian Debt Help Now Free Quote! Call 1-866-958-Debt [www.ChristianDebtConsolidators.net](http://www.ChristianDebtConsolidators.net) The links are dead. ---
**Author:** ![Really\_Not\_All\_That\_Bright](https://avatars.discourse-cdn.com/v4/letter/r/e8c25b/32.png) [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)\ **Post date:** [June 3, 2008, 2:36pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/91 "2008-06-03T14:36:33Z")
[QUOTE=Mr Buttons] As a Guest with the ā€˜specialā€™ feature of Google ads, I thought Iā€™d share this one w/ you members who miss out on the Google Ads: Iā€™m Rich. Youā€™re Not. See how I make $3 Million per year. But keep the drooling to a minimum. [TheRichJerk.com](http://TheRichJerk.com) Iā€™m sure it only costs $20-50 dollars for the introductory package. (I refuse to click on the ad, cause Iā€™m sure itā€™s all BS). [/QUOTE] Itā€™s not BS at all. The guy really does make $3 million a year- by selling you the introductory package. ---
**Author:** ![usar\_jag](https://avatars.discourse-cdn.com/v4/letter/u/f0a364/32.png) [@usar\_jag](https://boards.straightdope.com/u/usar_jag)\ **Post date:** [June 3, 2008, 2:41pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/92 "2008-06-03T14:41:01Z")
[QUOTE=tdn] Debt Settlement - Cut 60% Reduce Your Debt By Up To 60%. Cut Payments In Half & Payoff Fast! > **[Debt Relief: Options to Get Out of Debt Faster | Freedom Debt Relief](https://www.freedomdebtrelief.com)** > > Learn what debt relief is, how it works, and compare options like debt settlement and debt consolidation. See pros, costs, and how to get started. [/QUOTE] Of course, I get the following ad: The Advanced Kagel New Advanced Kegelmaster with Zinc- Plate Spring Resistance. Only Here! > **[kegelmasters.com](http://www.kegelmasters.com/Kagel)** > > This domain may be for sale! If only I was rich enough to afford one! ---
**Author:** ![ultrafilter](https://avatars.discourse-cdn.com/v4/letter/u/3d9bf3/32.png) [@ultrafilter](https://boards.straightdope.com/u/ultrafilter)\ **Post date:** [June 3, 2008, 2:45pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/93 "2008-06-03T14:45:46Z")
[QUOTE=Really Not All That Bright] Itā€™s not BS at all. The guy really does make $3 million a year- by selling you the introductory package. [/QUOTE] One of the few things that you can count on in the investment world is that if someoneā€™s offering to sell you financial information, the proceeds from those sales represent the lionā€™s share of their income. ---
**Author:** ![SenorBeef](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/senorbeef/32/2220_2.png) [@SenorBeef](https://boards.straightdope.com/u/SenorBeef)\ **Post date:** [June 3, 2008, 3:27pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/94 "2008-06-03T15:27:24Z")
[QUOTE=AimeeB] I felt sorry for a man who had no hat until I met a man with no head. [/QUOTE] And then I laughed, really hardā€¦ I donā€™t buy the ā€œto a poor man in India, the typical western lifestyleā€¦ā€ line of thought. Itā€™s useful for establishing some perspective, but it goes too far - it tries to call all differences in income and quality of life equal. The reality is that every additional dollar/resource/whatever you get is worth less than the last. Living off $5000 a year and getting bumped up to $50000 is a much bigger jump than $50000 to $95000 even though itā€™s the same 45k increase. Worrying about whether or not you can pay your rent is a much more serious situation than worrying about downgrading your private jet quality. ---
**Author:** ![starryspice](https://avatars.discourse-cdn.com/v4/letter/s/9e8a1a/32.png) [@starryspice](https://boards.straightdope.com/u/starryspice)\ **Post date:** [June 3, 2008, 5:22pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/95 "2008-06-03T17:22:45Z")
[QUOTE=Trunk] The problem is that anyone who makes more money than me who canā€™t live within his means, gets no fucking sympathy. My wife and I (combined) make over $100,000 each year. We feel very well off. We donā€™t know what to do with it all. We put well over $1000 a month into the stock market. We travel. We eat out. We drink good alcohol. We have a nice TV. We could pay off our house twice. You wanna tell me itā€™s hard to live on $50,000 a year? Iā€™ll listen, because Iā€™m not in that position. You canā€™t live with $8 million in the bank, and your wife is going to leave you and youā€™re going to lose your house? Fuck you. Youā€™re greedy and your appetites are shallow and insatiable. And, you married an ungrateful, superficial, fucking whore and itā€™s your own fault. Fuck you. [/QUOTE] Wow, I could have written that exact same post. Needless to say, I agree. (Though if you have extra money, you could always give to charity :).) ---
**Author:** ![tdn](https://avatars.discourse-cdn.com/v4/letter/t/94ad74/32.png) [@tdn](https://boards.straightdope.com/u/tdn)\ **Post date:** [June 3, 2008, 5:29pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/96 "2008-06-03T17:29:32Z")
[QUOTE=starryspice] (Though if you have extra money, you could always give to charity :).) [/QUOTE] Hi. My name is Charity. ---
**Author:** ![Trunk](https://avatars.discourse-cdn.com/v4/letter/t/87869e/32.png) [@Trunk](https://boards.straightdope.com/u/Trunk)\ **Post date:** [June 3, 2008, 5:50pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/97 "2008-06-03T17:50:40Z")
We give a decent amount to charity already, but my long term plan involves giving away A LOT to charity when Iā€™m all done living. I just figure that I know how to ā€œgrow itā€ better than they do for the next 50 years. ---
**Author:** ![Cat\_Whisperer](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/cat_whisperer/32/4839_2.png) [@Cat\_Whisperer](https://boards.straightdope.com/u/Cat_Whisperer)\ **Post date:** [June 3, 2008, 9:56pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/98 "2008-06-03T21:56:36Z")
I do actually have sympathy for the people talked about in the linked article; they donā€™t seem to have a sense of whatā€™s important in life, and how to live an examined, meaningful life - it looks like all their life consists of is stuff, and thatā€™s pretty damned sad. ---
**Author:** ![gonzomax](https://avatars.discourse-cdn.com/v4/letter/g/e8c25b/32.png) [@gonzomax](https://boards.straightdope.com/u/gonzomax)\ **Post date:** [June 3, 2008, 10:13pm UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/99 "2008-06-03T22:13:22Z")
[QUOTE=Two and a Half Inches of Fun] I believe something like more than 3 billion people live on less than $2 a day. Almost every American is rich beyond belief in comparison to many people in the world. Why make fun of only a select portion of the rich? Why is OK to make fun of a guy that is going to lose his wife because he cannot afford the fancy clothes and vacations anymore, but not the guy working two jobs who is about to lose his house to foreclosure? > **[Poverty Facts and Stats](https://www.globalissues.org/article/26/poverty-facts-and-stats)** > > This part of the globalissues.org web site presents some of the hard hitting facts and statistics on poverty. [/QUOTE] That is not the subject of the discussion. ---
**Author:** ![Jackmannii](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jackmannii/32/311_2.png) [@Jackmannii](https://boards.straightdope.com/u/Jackmannii)\ **Post date:** [June 4, 2008, 2:32am UTC](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440/100 "2008-06-04T02:32:06Z")
If you want real angst among the wealthy, follow the N.Y. Times stories about the problems of those who stream out to the Hamptons (on Long Island) for summer vacations every year. Over the past few years, thereā€™s been endless coverage of their trials and tribulations - the traffic, the invasion of the lower classes, the inflated cost of summer homes, and most heart-rending of all, the dizzying social pace, obliging one to either make hard choices on what celebrity benefit parties to attend, or accept all the invitations and [run oneself absolutely _ragged_](http://query.nytimes.com/gst/fullpage.html?res=9803EED61430F932A25755C0A9629C8B63). \*"This summer, the Hamptons charity circuit is more overloaded than ever, with every weekend between Memorial Day and Labor Day booked with at least one event, if not five or six. In all, there are at least 50 benefits scheduled in the Hamptons over the next three months, with tickets ranging from just $20 a person to more than $50,000 a table. Besides the usual triptych ā€“ cocktails, dinner and dancing ā€“ there are now charity brunches, charity auto shows, charity polo matches and charity store openings. The way locals tell it, they can forget about spending the summer catching up on old magazines, cruising in their Sunseeker yachts or simply relaxing in their million-dollar homes. ā€˜ā€˜Itā€™s a nightmare,ā€™ā€™ said Adrienne Kitaeff, the executive director of the Childrenā€™s Museum of the East End, who is doing her part to add to the benefit overload with a Cuban-themed dinner dance on July 10. ā€˜ā€˜Even walking down the street or the supermarket, you run into people who are donors and attendees.ā€™ā€™ ā€˜ā€˜You get tired of smiling all the time.ā€™ā€™ Ms. Kitaeff added. Even some party promoters are feeling overworked. ā€˜ā€˜I used to go to the beach three times a day with my dog,ā€™ā€™ said Linda Shapiro, one of the Hamptonsā€™ top party planners, whose events this season included Danā€™s Papersā€™ 26th annual Potatohampton race, which benefits the Foundation for the Advancement of Cardiac Therapies. ''Now I never go. Once, I went to a party at a beachfront home and saw the ocean, and I said to myself, ā€˜Oh, thatā€™s why I used to love coming here.ā€™ ā€˜ā€™\* It is to weep. [Previous page](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440.md?page=4) [Next page](https://boards.straightdope.com/t/lets-all-cry-for-the-rich/451440.md?page=6)