Whoa, my cash is gone

[Freedom4all]

Interesting article on the super (not so much anymore) rich.

John McAfee (of Mcafee Antivirus Fame) is auctioning off this property in New Mexico to pay bills. His worth has fallen to about $4 million from a peak of about $100 million.

Excerpts:

Last year, the number of Americans with a net worth of at least $30 million dropped 24 percent, according to CapGemini and Merrill Lynch Wealth Management. Monthly income from stock dividends, which is concentrated among the affluent, has fallen more than 20 percent since last summer, the biggest such decline since the government began keeping records in 1959.

Bill Gates, Warren E. Buffett, the heirs to the Wal-Mart Stores fortune and the founders of Google each lost billions last year, according to Forbes magazine. In one stark example, John McAfee, an entrepreneur who founded the antivirus software company that bears his name, is now worth about $4 million, from a peak of more than $100 million. Mr. McAfee will soon auction off his last big property because he needs cash to pay his bills after having been caught off guard by the simultaneous crash in real estate and stocks.

“I had no clue,â€￾ he said, “that there would be this tandem collapse.â€￾

In 2007, the top one ten-thousandth of households took home 6 percent of the nation’s income, up from 0.9 percent in 1977. It was the highest such level since at least 1913, the first year for which the I.R.S. has data.

The top 1 percent of earners took home 23.5 percent of income, up from 9 percent three decades earlier.

Any major shift in the financial status of the rich could have big implications. A drop in their income and wealth would complicate life for elite universities, museums and other institutions that received lavish donations in recent decades.

Governments — federal and state — could struggle, too, because they rely heavily on the taxes paid by the affluent.

Thats why Obamacare (the rich will pay for it) is a total boondoggle.

 

[tech2101]

John McAfee (of Mcafee Antivirus Fame) is auctioning off this property in New Mexico to pay bills. His worth has fallen to about $4 million from a peak of about $100 million.

Thats why Obamacare (the rich will pay for it) is a total boondoggle.

Yep, because one guy made some bad investments...Health care reform will not work.

This economy was collapsing before Obama took office dapoes. :eye:

Many people's wealth dropped in the last 3 years.

 

[nq6v]

Gotta invest in canned foods and shotgun shells.
Been considering solar panels as a back up to my trailer's 12 volt system. Keep em charged while I am away. This way, if the grid goes down, I will have to fire up my generator less.
HMMMM, Been wanting that new HF transciever from ALINCO. Guess I will just have to settle for buying new finals for my Yaesu FT 100 F. And tune up that sucker. The economy isn't getting any better any time soon. Why did it have to go south when the sunspot cycle just started to improve propagation in the ham bands?

 

[dapoes]

As I've said before sitting Presidents can do little to effect an economic cycle. The point being made is that due to a decline in personal wealth among the affluent and wealthy may derail the misguided efforts to "Soak the Rich" and actually result in lower revenue then projected.

This simple fact has NOTHING to do with George Bush or Barack Obama it's a sign of the times. Another interesting fact is that when Reagan lowered tax rate, tax revenue went up.

It's kind of like it is now with Cigarette taxes in certain states. Tax rates go up because but net revenue declines as people can no longer afford to smoke.

And what happens when they cant get enough revenue from the wealthy via taxes to support these idiotic nanny state programs? The rest of the middle income-average joes. :down:

Elections have consequences.

 

[dapoes]

Sadly dapoes we get the government we deserve. Good bad or indifferent the public wanted "Change" and when they collect their paycheck that's what will be left "Change" as in Not enough Change to live on!

But hey we'll FREE health care.

Aint that the truth. <_<

 

[tech2101]

Elections have consequences.

Yes, they do.

It is too bad that you cannot accept the plans and policy decisions of the Democratic Party.

They were voted into majorities in both the Senate and House, along with the Presidency due to the failure of your party.

The main reason they were voted out is because of the title of this thread. Their cash was gone, as well as their job, among many other things.

People were fed up.

I found this succinct summary from a blog entry:

For Republicans that fear seems [to be] coming from a growing realization that their policies have failed. The policy of allowing big business tax cuts has contributed to a lower federal budget which is not able to meet it's domestic financial obligations. The policy of allowing industries to regulate themselves has led to policies which are only designed to the benefit of the top 1-2% of the company employees, and certainly not America as a nation. And the Republicans cannot seem [to] understand how this happened. The loss of the support of the American public is the result, and if Republicans cannot understand the cause of the loss of support then they cannot fix it. All they can do is try to make people as afraid as they are. After all, they know how people who are afraid will act and what they will want, because Republicans are these people.

link

If you want to change it, I suggest finding a candidate and working to get him or her elected.

Good luck.

 

[Freedom4all]

Yes, they do.

It is too bad that you cannot accept the plans and policy decisions of the Democratic Party.

They were voted into majorities in both the Senate and House, along with the Presidency due to the failure of your party.

The main reason they were voted out is because of the title of this thread. Their cash was gone, as well as their job, among many other things.

People were fed up.

I found this succinct summary from a blog entry:

link

If you want to change it, I suggest finding a candidate and working to get him or her elected.

Good luck.

pfft...Obama sold a bill of goods of "Hope and Change" and now that everyone see's hes a liar (not surprising) him and the democratic party is imploding. Its not going to go well for them next year in 2010. That you can guarantee.

BTW, its his own party that is infighting on the health care bill and imploding the democratic party. If theres any violence that happens its Obama and the dems that are stoking it.