Appearing on CNBC, Bud Konheim, CEO of women's fashion company Nicole Miller showed his utter ignorance of economics by dismissing the plight of the poor
We've got a country where the poverty level is wealth in the rest of the world. So we're talking about Oh woe is me, oh woe is us. And there's incredible wealth, money all over the place, no one really has to starve and the guy who's making, oh my God, he's making $35,000 a year, why don't you try that out in India, or some other country we can't even name, or China, anyplace really, and the guy is wealthy.
Yeah, what's all that complaining about people being poor. Hell, they just need to go to China or India. They'd be rich there. Better yet, they wouldn't even have to get on a boat, all they have to do is go back to say 1870, that $35K would be like making more than $600K. Move over John D. Rockefeller.
So I have 2 questions:
How does someone who knows absolutely nothing about economics function in the world of business?
How can a host of a business show salute this kind of economic stupidity by saying, "Thank you, thank you. Our 99% are the 1% anywhere else in the world."
The stupidity is absolutely breathtaking. I guess if Konheim figures that it's a good deal for his company to make their clothing in 3rd world countries, it would be a good idea for low wage Americans to go and live in those countries.