Comment by mistrial9
3 days ago
> a relative handful of rich people
no, not clear at all.. it is a system that filters. "rich people" go broke all the time, Britain too.. There are serious structural problems certainly but that does not describe them
I guess I'm not sure where you read a claim that rich people can never go broke into the original comment. They absolutely can. That's why they often - as they seem to have done here - cut side deals to protect their revenue streams at the expense of competition. There's a VP at Walmart who stands to lose a lot of money if people start buying their Pepsi elsewhere, and a VP at Pepsi who stands to lose a lot of money if their products are less visible in the nation's Walmarts, so they've agreed to cooperate and mutually reduce the risk that their orgs perform poorly.
billionaires only tend to "go broke" when they commit massive amounts of crime, mostly against other rich people.
Dynastic wealth also tends to dissipate significantly in a generation or two, as heirs fail to generate the same level of wealth and just spend it (plus it's divided).
Thanks, I'll pay my rent with this information when I get laid off.
1 reply →