"His worth has fallen to about $4 million from a peak of about $100 million."

The rich getting poorer because property, shares and treasuries are screwed, the banks are failing and the Fed is printing money meaning the currency is going to get screwed is NOT a good thing.

The reasons the rich are getting poorer affects everyone. The middle class lose and the poor become more poor as even cheap labor opportunities dry up.

Alternative investments get slaughtered and BIS are the 2nd largest holders of gold so if they sell there will be no gold bug haven either.

What was the right thing to do in the past can easily be worthless and only a few top traders and those in the know prosper.

Poor nations suffer because rich nations give less support, employment dries up and everyone gets screwed.

If you are clued up you knew this was coming, what's going on now and what's next. However you need better trading skills than ever to ride these waves.
 
Quote from TigerBalm:

But, of course, he isn't part of the inner circle, just an independent tinkerer at heart, so they screwed him, too. Lesson : It's not enough to be wealthy to keep your wealth, you have to belong.
More...

And not just people. Microsoft despised lobbyists back in the 90s. As we all know, the lobbyists got the last laugh and now Microsoft is fully invested in sending money to DC to buy politicians (and probably every other first world political center on the planet).

We've achieved an Aristocracy of Pull, where people make money with their political connects. While this has been around for a long time, we've now set the foxes to guarding the hen house.
 
I remember in a thread from ET a long time ago, Pabst Prime is saying this recession will effect a rich people hardest. So it is true that prediction from Pabst. This recession is effecting all people, but how much they lose in a ratio of net worth is more for rich people. But they still will not go hungry.
 
Quote from Debaser82:

Most rich people (not uber rich) get their advice from financial firm ants who act knowing but in reality only play the competent when they are still tripping on their bag of coke from the night before or dizzy cause they just had a blowjob from their secretary.

They could care LESS if you get wiped out or not.

I know this guy, high level job at a big (later bankrupt) bank....

He didnt even warn his own grandma who had all her money in bankstocks shit was coming!!!!

Granny broke now...Millions gone.


Not the younger generation though...They watch youtube...:p
More...

Is this the reason ol' man Rockefeller says the internet should never have been invented ?
 
The problem with Mcafee is he does not produce anymore and was living off income from dividends,fixed income. And he had a high cash burn rate.

His 4 million will not last long and unfortunately Mcafee has been out of the loop and it is going to be difficult for him to bounce back.

He is selling everything he can so he can cut his burnrate down.
 
So many stupid people in this thread. I think the statement in the opening paragraph where it says globalization increases inequality is laughable, and I'm sure there's stupid people on here that would dispute it. Chaulk up another worthless doom and gloom article from bylowsellhi.
 
Quote from TigerBalm:

People like McAfee are men who built their wealth by their own efforts and savvy, not by conning others out of it. When immigrants wanted to come to America, I suppose it is the rags to riches story of folks like McAfee that used to give them hope.

But, of course, he isn't part of the inner circle, just an independent tinkerer at heart, so they screwed him, too. Lesson : It's not enough to be wealthy to keep your wealth, you have to belong. You have to suck up to the Republican assholes who organize Bilderberg or whatever so that you get that crucial phone call tipping you off that Lehman may not be such a great place to park your money in the imminent future. Sick.
More...
+1
 
You must log in or register to reply here.
Back
Top