Some Doom-and-Gloomers around here like to whine, whine, whine about the economy, but the rest of us go-getters are buying $100 million homes.
“Last year the stock market broke all kinds of records and when that happens, you’re going to see art and resort real estate break all kinds of records,” said Judi Desiderio, chief executive officer of Town & Country Real Estate in East Hampton.All that hard earned wealth has to go somewhere, and that somewhere is to all things involving status and conspicuous consumption, because that is the best use of the world's wealth.
One apartment in downtown London was recently sold for $237 million. An apartment.
Speaking of must-have luxury cars.
Sales of the exclusive Italian luxury brand, according to a new five-year plan released today, are expected to jump from 15,400 units last year to 75,000 in 2018.Sales of luxury cars across the spectrum are hitting records. BMW, Porsche, Bentley, and Lamborghini are all hitting new heights.
Maserati did not breakout the expected sales by region, but expect the U.S. to play a main part.
Sales of fine arts topped $64 Billion last year. That marked an 80 percent increase over 2012.
Christie’s, the London auction house founded in 1766, had $7.1 Billion in sales last year alone.
If that isn't enough proof that the economy is booming, I don't know what is.
Of course some Doom-and-Gloomers will point to the fact that a significant part of the working class is homeless.
Andrew Cummins, 43, was one of these elves last year, working north of Chattanooga at an Amazon warehouse in Jeffersonville, Indiana. For three months, he stowed away clothes, working 40 hours a week at $10 an hour. He enjoyed the job and saw it as his ticket out of the Haven House, a shelter where he lives with his wife, Kristen, and stepson.I don't know why Amazon should be any different from Walmart in this regard.
"They had this big hype that they were going to hire on and stuff and that didn't happen. They just worked you until the time was up and then they let everyone go," he says...
Since Amazon opened its warehouse in Jeffersonville, one homeless shelter, Haven House, has been a home to between two and six of its employees at all times, says Barbara Anderson, the shelter's director.
This is all makes logical sense. That's what the capitalist system is supposed to do. I refer to Ferdinand Lassalle's Iron Law of Wages.
Iron Law of wages states that real wages often tend in the long run toward the least wage necessary to keep up the life of a worker.I really don't know what these peasants are complaining about. The fact that the wealthy elite allow us to eat and work and have families should be enough. This is their world after all. They own it.
We are just renters in it.
Poor people need to just get over the inequality thing.
According to Caplin, growing inequality is a fact of life in the future of the US and global economy - "some people will succeed and others will not." Rather than judging this to be bad or good, the poor and middle class would do best by trying to "understand the needs" of the wealthy and attempting to provide services to meet their demands.Now at this point some of you might be thinking "Hey, wait a minute. Do we really want a country who's economy is designed for only the extremely wealthy?"
My answer for those people is: STFU! You need to be more pragmatic.
Economics Professor Caplin worries that this concept might be caricatured as “cater to the rich.” But he suggested that this country could use a lot more non-judgmental thinking about the future of the United States economy. Any argument on that subject that starts with the word “should,” he said, is not nearly as useful as one that starts with “could” and has a firm grasp on “is.”You see, it's not about "catering to the rich", it's about what "is".
And that pragmatic "is" coincidentally happens to be "catering to the rich".
Or to put it another way: embrace the suck.
In 2011, the wealthiest Americans—those with earnings in the top 20 percent—contributed on average 1.3 percent of their income to charity. By comparison, Americans at the base of the income pyramid—those in the bottom 20 percent—donated 3.2 percent of their income. The relative generosity of lower-income Americans is accentuated by the fact that, unlike middle-class and wealthy donors, most of them cannot take advantage of the charitable tax deduction, because they do not itemize deductions on their income-tax returns.It's the least they can do. The absolute least.