If rising tides lift all boats, what are those 90s investors so Proud of?

[Land Shark]

Ask this question of any supply side money-worshippers you find out there (who worship money at least on a Monday to Saturday basis).

The person who truly works their way to some kind of wealth, (provided that we assume they didn't do so through a host of illegal, unethical and deceptive means that are quite common) deserves some recognition. But as a rarity, not as the common result of our present economic system.

The sad thing is, wealth is so rarely earned these days. I'd love to see the numbers on wealth that is, in contrast, (1) inherited (2) based on interest income that constitutes the fulltime work of others (3) won in a lottery, game show or contest (4) a windfall golden parachute or executive compensation (5) stock from a startup. Of these (there are others) (5) is the most controversial because the person is working, usually very hard, in a startup, but the wealth is not coming from their work on any but the most indirect basis, it comes from their work combined with many other persons and factors....

Finally, there is the matter of professional sports, the one area where it seems the average guy of any race can strike it rich. It too is not productive labor, but they do work hard to stay fit, etc. How do we account for this? Doesn't it prove equality of opportunity, and the success of minorities when the rules are equal for all?

Yes, it does show what equality of opportunity CAN provide. But the cultural importance of professional sports, and why very rich people would spend SO MUCH MONEY TO MAKE THEM such a spectacle and attraction is, in my opinion, this:

IF YOU DON'T WIN THE SUPERBOWL, SOMETHING IS WRONG WITH YOU. The most common story in sports is second-guessing a runner-up position, and regretting the errors or bad luck along the way. Professional sports, and sports generally, are WINNER TAKE ALL.

Winner-take-all sports are EXCELLENT Preparation for our winner-take-all economic system.

[unpossibles]

1. also, do not forget that even with earned wealth

many opportunities to earn wealth happen because of good fortune - the connections, relations, and sheer luck timing.

Most good jobs are gotten not because of ability alone, but through network connections and opportunities that most do not have. Our pRresident is a fine example of this: he is (at best) a C student who got to positions of wealth and power because of old blood money and his daddy's CIA connections.

Shit, he probably only got the C's instead of F's because of his connections.

[Land Shark]

2. how true it is, the second million is ten time easier than the first

and connections have lots to do with that. Plus, the primary legal method to keep out the "riff raff" to the social clubs and places where this stuff happens is using high prices as a rationing mechanism; Two chickens for every pot able to pay $1K a month in dues!

[ComerPerro]

5. Not only that, but it takes a ton of money to make money off "investments"

Its not as though you can just show up, buy $500 worth of stocks, and turn it into millions.

But conservatives seem to think this is the case.

[Land Shark]

3. kick

[ComerPerro]

4. Here's the thing about a rising tide: If you don't have a boat

you drown. Or you spend all your time swimming and struggling to survive.