# This is why the 1% should be made into catfood **URL:** \ **Category:** The BBQ Pit\ **Created:** [November 22, 2011, 7:05pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781 "2011-11-22T19:05:28Z")\ **Posts on this page:** 20\ **Page:** 4
**Author:** ![Fotheringay-Phipps](https://avatars.discourse-cdn.com/v4/letter/f/d9b06d/32.png) [@Fotheringay-Phipps](https://boards.straightdope.com/u/Fotheringay-Phipps)\ **Post date:** [November 23, 2011, 8:01pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/61 "2011-11-23T20:01:01Z")
> [@mhendo](#): > > If we extend **PunditLisa** ’s analogy, Greenberg’s offer to help with the situation is analogous to the guy who held the victim underwater then trying to push the EMTs out of the way and insisting that he can do a better job of saving the person he had just been trying to drown. Actually it’s my understanding that Greenberg was out of the company _before_ they greatly expanded the sale of CDSs which ultimately sank the company. You need to look into the facts of the situation. And even if the above is incorrect, it could still be true that AIG shareholders could have gotten a better deal without the government intervention than with it. What even the government seems to acknowlege is that their goal was not helping AIG specifically, but on helping the broader financial system. In light of this, it would be logical and consistent if they used AIG as a convenient vehicle for this, as Greenberg alleges, and at the expense of AIG shareholder. Assertions that the shareholders would have lost everything anyway (in which case it’s moot) may or may not be true. But if Greenberg alleges that it’s not true, then that’s a rational claim, and deserves to be looked at. People who refuse to consider the facts and issues and simply call for other people to be ground into catfood, and if pressed just assume whatever facts are necessary to justify this (in their eyes) are part of the problem in this country and world, not the solution. ---
**Author:** ![John\_Mace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/john_mace/32/185_2.png) [@John\_Mace](https://boards.straightdope.com/u/John_Mace)\ **Post date:** [November 23, 2011, 8:13pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/62 "2011-11-23T20:13:13Z")
> [@Fotheringay-Phipps](#): > > [Somewhat OT, but as a note to the world of the 1% - of which Greenberg is a member. My FIL was at one point worked in a senior financial capacity for a Non-Profit Institution of which Greenberg was a benefactor. At one point, the following situation arose. The NPI was making some sort of fundraising drive, which was to culminate in big donors being honored at some sort of dinner. Greenberg had pledged a large sum of money (I forget the amount but let’s say it was $3M). The problem was that they then approached some other 1% guy, and he promised $5M. And now they had a problem. If Greenberg showed up to the dinner expecting to be the Big Benefactor and discovered that some other guy had given significantly more than him, he would lose face. OTOH, they couldn’t well go back to Greenberg and tell him hey some other guy is giving more, because that would look like they were trying to squeeze more money out of him. So what to do? > > What they did was to contact Greenberg’s executive secretary. They explained the situation to her, and asked her what she thought they should do. And she simply brushed it off. “No problem, he’ll also give $5M.” Didn’t even bother to ask Greenberg. > > Now _that’s_ a rich guy.] Or, _that’s_ one unemployed executive secretary! ---
**Author:** ![Palo\_Verde](https://avatars.discourse-cdn.com/v4/letter/p/65b543/32.png) [@Palo\_Verde](https://boards.straightdope.com/u/Palo_Verde)\ **Post date:** [November 23, 2011, 8:58pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/63 "2011-11-23T20:58:45Z")
> [@purplehorseshoe](#): > > … and those of us who took no risks at all and are still “in a world of pain,” what of us? Well that is a different question altogether. The first point was that all people in the top 1% got there unethically and should be made into cat food. Then you asked how it’s even possible to get rich. My answer is that many people have gotten rich without compromising their ethics. And that a combination of extreme good luck and hard work makes some folks rich. But the very definition of the top 1% means that most people will never be there. And that includes you and me. I’m not in the top 1% or the top 5% or even the top 20% Resenting some wealthy folks who have never harmed you, and it fact have helped create jobs, will not cure your ‘world of pain.’ ---
**Author:** ![BlinkingDuck](https://avatars.discourse-cdn.com/v4/letter/b/eada6e/32.png) [@BlinkingDuck](https://boards.straightdope.com/u/BlinkingDuck)\ **Post date:** [November 23, 2011, 9:54pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/64 "2011-11-23T21:54:16Z")
> [@Measure\_for\_Measure](#): > > Um yeah I sorta do. The oligarchy is incompetent, pampered and ungrateful. Witness the pointless downgrade of US debt, following the default debacle. Our corporate bigwigs should have made phone calls to their Republican minions in Washington and told them to knock it off. It’s bad for business. We need a better collection of overlords: maybe we should relax immigration requirements from relatively socially responsible regions like Sicily. I call BS. It’s not impossible. But are you saying that you know engineers who a) have personally invented devices, b) manage companies that sell them and c) are at a scale enabling them to pull down $1 million+ per year? Remember we’re talking about the “1%”, not the 1%. And I’m not just being pendantic. HP has had a parade of bumbling CEOs. HP’s R&D department invented the [memristor](http://en.wikipedia.org/wiki/Memristor), which may or may not be a huge contribution to humanity. But whether it’s a boon or a flop will only be tangentially related to the temporary manager holding the CEO’s seat at the time. > > There is little or no evidence or rigorous theory that places all the wonderment of capitalism within the boardroom, the CEO enclave or various other highly remunerated clown cars. This urban myth has to end. Oh man, this hits home. Yesterday I just went to give the results of my analyses, including reports and recommendations to a fortune 100 company. As the meeting approached I had 5…FIVE! high ups in the company (including 1 board member) express interest in the meeting. They all flew in from half way around the company to attend. Yes, they had input, which, I guess, sorta made sense but didn’t think was needed and was actually discarded by the clients in the meeting. So here we are…clients, me and 5 high executives in my company all of which probably make 10x what I make…talking about analyses _I_ did, analyses that _I_ invented (for the company) that intrigued this particular client about a report _I_ did and recommendations _I_ suggested. They behaved themselves and tried to contribute…but it was somewhat painful because they were out of touch. The meeting went well, but they did not help. Guess what…I bet this client will love _my_ work and become a regular customer…for which these 5 highly paid executives who probably make 10x what I do will take credit for bringing in and will reward themselves handsomely for doing so and I will get, if history holds consistent, nothing…not even a pat on the back/head. Yes, I agree with Measure for Measure. ---
**Author:** ![Lochdale](https://avatars.discourse-cdn.com/v4/letter/l/edb3f5/32.png) [@Lochdale](https://boards.straightdope.com/u/Lochdale)\ **Post date:** [November 23, 2011, 10:00pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/65 "2011-11-23T22:00:21Z")
As someone in the “1%” I look forward to the shoot-out. One arse hole does not a group make but then you probably think we are all in the secret cabal planning on how to screw you out of your money. My guess is that you’re great at doing that all by yourself. ---
**Author:** ![John\_Mace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/john_mace/32/185_2.png) [@John\_Mace](https://boards.straightdope.com/u/John_Mace)\ **Post date:** [November 23, 2011, 10:07pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/66 "2011-11-23T22:07:33Z")
> [@Lochdale](#): > > As someone in the “1%” I look forward to the shoot-out. One arse hole does not a group make but then you probably think we are all in the secret cabal planning on how to screw you out of your money. > > My guess is that you’re great at doing that all by yourself. I don’t know if I’m officially a 1-percenter or not, but I’d guess I’m close enough for government work. I’d only ask that, come the revolution, I be made into dog food rather than cat food. I should probably have that put on my organ donation card. ---
**Author:** ![Miller](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/miller/32/481_2.png) [@Miller](https://boards.straightdope.com/u/Miller)\ **Post date:** [November 23, 2011, 10:09pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/67 "2011-11-23T22:09:09Z")
> [@Absolute](#): > > You think every person in the “1%” has chosen to destroy the economy for their personal gain, and should be killed? Literally? > > If so, go fuck yourself. Even if you’re kidding, go fuck yourself. I know several people who have founded successful companies and greatly _improved_ the economy by inventing technologies that have helped make your life better, you miserable little shit. The world would be a worse place if they weren’t in it, unquestionably. Don’t confuse people who have their wealth because of hard work, dedication and the creation of actual products with these unscrupulous financiers. [Moderating] **Absolute** , telling other posters to fuck themselves is a violation of the Pit language rules. Please avoid this language in the future. [/Moderating] ---
**Author:** ![mac\_bolan00](https://avatars.discourse-cdn.com/v4/letter/m/b3f665/32.png) [@mac\_bolan00](https://boards.straightdope.com/u/mac_bolan00)\ **Post date:** [November 24, 2011, 12:14am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/68 "2011-11-24T00:14:26Z")
ermmm… with all due respect, how many of the posters here thus far are either MBAs or economists? moderators not included. ---
**Author:** ![mhendo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mhendo/32/3159_2.png) [@mhendo](https://boards.straightdope.com/u/mhendo)\ **Post date:** [November 24, 2011, 12:22am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/69 "2011-11-24T00:22:04Z")
As to who is in the actual 1%, opinions seem to differ depending on how the numbers are calculated and whether you’re talking about income or net worth. The last time i looked at the figures, which were calculated (IIRC) by an NYU economist, being in the top 1% by annual income required about $350K a year, and being in the top 1% by wealth required a net worth of about $9 million. ---
**Author:** ![mac\_bolan00](https://avatars.discourse-cdn.com/v4/letter/m/b3f665/32.png) [@mac\_bolan00](https://boards.straightdope.com/u/mac_bolan00)\ **Post date:** [November 24, 2011, 2:01am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/70 "2011-11-24T02:01:26Z")
that points to really rich corrporate executives or middling self-employed people. the oligarchs we’re talking about are still above this. ---
**Author:** ![mhendo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mhendo/32/3159_2.png) [@mhendo](https://boards.straightdope.com/u/mhendo)\ **Post date:** [November 24, 2011, 2:11am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/71 "2011-11-24T02:11:50Z")
> [@mac\_bolan00](#): > > that points to really rich corporate executives or middling self-employed people. the oligarchs we’re talking about are still above this. They can’t be above the top 1% because that is, by definition, the top. They are well above the _cut-off mark_ for the top 1%, and are themselves probably in the top 0.01%, but they are still in the top 1%. ---
**Author:** ![Lochdale](https://avatars.discourse-cdn.com/v4/letter/l/edb3f5/32.png) [@Lochdale](https://boards.straightdope.com/u/Lochdale)\ **Post date:** [November 24, 2011, 6:32am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/72 "2011-11-24T06:32:08Z")
> [@mhendo](#): > > As to who is in the actual 1%, opinions seem to differ depending on how the numbers are calculated and whether you’re talking about income or net worth. > > The last time i looked at the figures, which were calculated (IIRC) by an NYU economist, being in the top 1% by annual income required about $350K a year, and being in the top 1% by wealth required a net worth of about $9 million. Very good point. By income alone, being in the top 1% isn’t all that impressive. ---
**Author:** ![YoDoc](https://avatars.discourse-cdn.com/v4/letter/y/e68b1a/32.png) [@YoDoc](https://boards.straightdope.com/u/YoDoc)\ **Post date:** [November 24, 2011, 7:10am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/73 "2011-11-24T07:10:19Z")
> [@Lochdale](#): > > Very good point. By income alone, being in the top 1% isn’t all that impressive. What the fuck? Half a million dollars a year isn’t impressive? It’s going to take me thirty years to pay the bank less than three fifths this amount. Count yourself a lucky fucker that you don’t think a half million is impressive. Jesus but some of you folks have rare minds. ---
**Author:** ![mac\_bolan00](https://avatars.discourse-cdn.com/v4/letter/m/b3f665/32.png) [@mac\_bolan00](https://boards.straightdope.com/u/mac_bolan00)\ **Post date:** [November 24, 2011, 7:28am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/74 "2011-11-24T07:28:36Z")
what he meant was having half a million every year and using it to mess up the US economy isn’t likely, even if there’s a whole bunch of them. people “up there” tend to be independent thinkers and like being different from the next millionaire. the only reason i’d like to pit them is when they go to ends just to make themselves look more impressive than they really are, such as surgically altering their jaw bones to make them look more headstrong. things like that. ---
**Author:** ![elucidator](https://avatars.discourse-cdn.com/v4/letter/e/8edcca/32.png) [@elucidator](https://boards.straightdope.com/u/elucidator)\ **Post date:** [November 24, 2011, 8:28am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/75 "2011-11-24T08:28:30Z")
Wait a minute. Guys are having surgery to make their chins bigger? You sure you read that right? ---
**Author:** ![mac\_bolan00](https://avatars.discourse-cdn.com/v4/letter/m/b3f665/32.png) [@mac\_bolan00](https://boards.straightdope.com/u/mac_bolan00)\ **Post date:** [November 24, 2011, 8:33am UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/76 "2011-11-24T08:33:09Z")
to make them jut out more. ---
**Author:** ![Lochdale](https://avatars.discourse-cdn.com/v4/letter/l/edb3f5/32.png) [@Lochdale](https://boards.straightdope.com/u/Lochdale)\ **Post date:** [November 24, 2011, 3:08pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/77 "2011-11-24T15:08:15Z")
> [@YoDoc](#): > > What the fuck? Half a million dollars a year isn’t impressive? It’s going to take me thirty years to pay the bank less than three fifths this amount. Count yourself a lucky fucker that you don’t think a half million is impressive. Jesus but some of you folks have rare minds. Oh it’s “impressive” (if making money is an impressive thing) but it doesn’t go as far as you think it would particularly in a high cost area. Regardless, it certainly doesn’t allow me to start directing the economy or even affecting much of anything. I do, however, pay a tremendous amount in taxes as I have next to no capital gains. Will my paying more improve your life much? Unlikely. Will people make the same housing mistakes again? Probably but let’s hope not. ---
**Author:** ![Fear\_Itself](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/fear_itself/32/19637_2.png) [@Fear\_Itself](https://boards.straightdope.com/u/Fear_Itself)\ **Post date:** [November 24, 2011, 3:30pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/78 "2011-11-24T15:30:00Z")
> [@Lochdale](#): > > Will people make the same housing mistakes again? That is entirely up to the banks. If they get greedy again, yeah, there will be another foreclosure bubble. ---
**Author:** ![Lochdale](https://avatars.discourse-cdn.com/v4/letter/l/edb3f5/32.png) [@Lochdale](https://boards.straightdope.com/u/Lochdale)\ **Post date:** [November 24, 2011, 3:53pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/79 "2011-11-24T15:53:40Z")
> [@Fear\_Itself](#): > > That is entirely up to the banks. If they get greedy again, yeah, there will be another foreclosure bubble. It’s more complicated than that. The market maker that is Freddie and Fannie forcing diluted credit standards onto the market, without which even the banks couldn’t justify their loans. Greedy banks, greedy consumers borrowing more than they ever should have in the assumption that housing would continue to rise. Poor tax policy that overly rewards homeowners etc. ---
**Author:** ![John\_Mace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/john_mace/32/185_2.png) [@John\_Mace](https://boards.straightdope.com/u/John_Mace)\ **Post date:** [November 24, 2011, 4:19pm UTC](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781/80 "2011-11-24T16:19:15Z")
> [@mhendo](#): > > As to who is in the actual 1%, opinions seem to differ depending on how the numbers are calculated and whether you’re talking about income or net worth. > > The last time i looked at the figures, which were calculated (IIRC) by an NYU economist, being in the top 1% by annual income required about $350K a year, and being in the top 1% by wealth required a net worth of about $9 million. Shit, I’m not in the club. I’m just one of the 99-percenters. Where’s the nearest Occupy camp? I’m getting my tent right now!! [Previous page](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781.md?page=3) [Next page](https://boards.straightdope.com/t/this-is-why-the-1-should-be-made-into-catfood/603781.md?page=5)