💲 The Truth Behind "Self Made" Billionaires: Robert Reich

[appalachiablue]

Last edited Sat Dec 9, 2023, 09:40 PM - Edit history (1)

- Robert Reich is an economist, a former US secretary of labor and a professor of public policy at the University of California at Berkeley.
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- List of Richest Americans In History (Wiki, Ed)

.. Most sources agree that, adjusting for inflation, John D. Rockefeller (d. 1937) was the richest American in history in terms of wealth vs. contemporary GDP. He amassed a fortune of more than $410 billion, adjusted to 2022. There are various methods of comparing individuals' wealth across time..economic blogger Scott Sumner noted in 2018 that Rockefeller was worth $1.4 billion when he died in 1937, which was about $24 billion in dollars adjusted to 2018. Bill Gates in 1999 was worth nearly $150 billion in dollars adjusted to 2018.

The 2nd-richest person in terms of wealth vs. contemporary GDP is disputed. Most sources list Andrew Carnegie, but others say Bill Gates, Cornelius Vanderbilt I, John Jacob Astor IV, or Henry Ford. Lower ranks are a matter of even bigger debate. Vanderbilt left a fortune worth $100 million upon his death in 1870 ($2,300,000,000 today). As the US became the foremost economic power in the world by the late 19th century, the wealthiest men in America were often also the wealthiest men in the world.

Fortune's wealthiest Americans (1957) (This section does not cite any sources..). In 1957, Fortune magazine developed a list of the 76 wealthiest Americans, which was republished in many American newspapers. Jean Paul Getty, when asked his reaction to being named wealthiest American and whether he was really worth a billion dollars, said "You know, if you can count your money, you don't have a billion dollars" and then added, "But remember, a billion dollars isn't worth what it used to be."

The 2nd category, covering the 2nd to 8th richest individuals, included Andrew Mellon's son, daughter, niece, and nephew. Wealthiest Americans included a total of 7 members of the Rockefeller family, 5 members of the Ford family, four members of the Du Pont family (and a non-family DuPont executive), and 4 General Motors executives...
https://en.wikipedia.org/wiki/List_of_richest_Americans_in_history

[2naSalit]

1. K&R

[Beakybird]

2. Woot! Woot!

[CitizenZero]

3. Right

Professor Reich is always on target.

[LT Barclay]

4. I'm hoping for the day when the poor republicans realize that they've been conned. Then we'll really have some fun

watching the republican party tear itself apart.

[peppertree]

6. Well said - and in some ways they already are

As you know, one of the centerpieces of the neo-fascist far right's strategy to take over the GOP, is to portray anyone but themselves (and that especially includes "country club" Republicans) as elitists "responsible for your many and worsening problems."

And they've largely succeeded.

The irony of it is, that they're right as far as the GOP - except that the rubes don't see that elites use neo-fascists as (well compen$ated) cover.

[bucolic_frolic]

5. It's not just access to capital

It's the culture they live in, and the business plan, the ruthlessness and drive, the financial leverage they use.

Bezos borrowed $250k from his parents? Leveraged he probably had a couple mil. Lots of people were selling books online in 1998. They didn't make it.

Find me bootstrap billionaires from Appalachia and it will disprove what I just said. Capital, people, location, are all important.