[Recession]Rich Patricians Being Absolute Dicks As Usual

[Einhander Sn0m4n]

The One Percent

The One Percent

Posted February 19, 2008 | 06:31 PM (EST)
Read More: Bill Gates, Born Rich, Documentaries, Donald Trump, Forbes, Ivanka Trump, Jamie Johnson, Johnson & Johnson, Mega-Rich, Paul Orfalea, Recession, Recession Fears, Super-Rich, The One Percent, U.S. Economy, Vanderbilt, Warren Buffett, Wealth, Wealth Gap, Wealthy, Whitney, Breaking Entertainment News

There may be widespread fears of an impending recession running through the minds of most Americans, but there aren't among the country's richest citizens. Contrary to common assumption, many of the wealthiest Americans aren't worried about the weakening economy at all, they are actually excited about it.


To them, the crisis in the housing market, the recent slide in stock prices, and the general loss in purchasing power for millions of Americans have resulted in the thinning of the aristocratic ranks, or in other words, have decreased demand for the highest level of luxury living. Ironically, for the mega-rich, recession brings with it the ability to live well at a lower cost and with less of a hassle.

For the past eight years, I have been chronicling in documentary films the lives of the vastly rich and the role they play in the economy. As a member of the family that founded the Johnson and Johnson pharmaceutical company, I have been given unprecedented access to Whitneys, Vanderbilts, Forbeses, Gateses, Buffetts and Bloombergs. I have seen firsthand how many of these families run their businesses and I have watched them react to sudden shifts in the market and changing economic conditions. And now, with the threat of a recession looming on the horizon, I hear many of them saying-" Thank God, it's about time."

Paul Orfalea, for example, who is the founder of the Kinkos copy centers and a subject in my current film, The One Percent, used to like to tell me about a jet he owned called a Challenger. According to Paul it was the perfect plane for him, but he never got to use it because every time he tried to make arrangements to travel, he was told that the plane was actually chartered out to someone else. Originally Paul intended to make the plane available for charter only on occasion to help cover annual maintenance expenses, but he soon realized that there was so much demand for the plane and it was booked so far in advance that he was rarely able to fly in it himself. When I asked Paul what he thought the reason was behind the demand for his plane, he only had one culprit to blame -- the surging economy.

Another subject I recently interviewed blamed what he called mere "centa-millionaires" for the breakdown in exclusivity of his elitist world. For him, the overnight stars of the seven-year bull market not only overcrowded private air travel, but also drove up the price of high-end real estate. Buying a third home in the Hamptons became a burdensome experience for him. As far as he was concerned, there was just too much urgent demand, and although he could easily afford the asking prices, he found the heightened numbers personally offensive. He did assure me at the end of our conversation, however, that as soon as he sees the recession start to hit people, he'll be the first to buy.

While working on films about the vastly rich, I have seen countless displays of excessive privilege that serve as markers for the staggering inequality that plagues our country. Often times I have imagined that after recording scenes of wealthy prep-school students saying to less fortunate classmates, "Fuck you, I'm from New York. I could buy your family, piss off" that it couldn't get any worse. I believed that the distinction between The Two Americas that people commonly speak of was as pronounced as it could ever be.

But in recent days, watching the super-rich exuberantly anticipate a recession has forced me to realize that I was wrong to assume that the indicators of inequality wouldn't become more conspicuous. It appears that the opposite is true, that under the threat of hard times the mega-wealthy aren't feeling a greater responsibility to reflect upon the problems surrounding the growing wealth gap; they are, in fact, trying to fatten their wallets and further insulate their lifestyles.

I had hoped that foreboding economic circumstances would have caused the ultra-rich to think not just of themselves and increasing their own personal affluence. Unfortunately, however, too many of them lack concern and without this concern, the divisive imbalance will only worsen with recession.

[K. A. Pital]

Ha-ha-ha. The ultra-rich bitter about the possible competitors from the rich. The fun moment of it

[Zablorg]

I think I just saw a spectre...

[The Grim Squeaker]

Well, it's no fun skiing in Courchevel, France anymore due to all the Russians jacking up the prices in the hotels. Of course, there are always the nearby villages, the location isn't as good, but the hotels are lovely (Great food) and close to the ski. And due to the lack of overly rich bastards, the hotels cost less than a quarter per night/person.

Oh, and I fully disagree with the elitist words of the riich dude in the article, even though newly rich idiots jacking up prices is fucking annoying. (And I post this from London. I can Never get over the sticker shock here, damn thriving financial sector )

[Xisiqomelir]

Paul Orfalea, for example, who is the founder of the Kinkos copy centers and a subject in my current film, The One Percent, used to like to tell me about a jet he owned called a Challenger. According to Paul it was the perfect plane for him, but he never got to use it because every time he tried to make arrangements to travel, he was told that the plane was actually chartered out to someone else. Originally Paul intended to make the plane available for charter only on occasion to help cover annual maintenance expenses, but he soon realized that there was so much demand for the plane and it was booked so far in advance that he was rarely able to fly in it himself. When I asked Paul what he thought the reason was behind the demand for his plane, he only had one culprit to blame -- the surging economy.

Okay, this is a stupid thing to whinge about. If you put your shit out to be chartered, DON'T COMPLAIN WHEN PEOPLE DO THAT.

If he really wanted to be able to hit up his jet on a whim, he should have sucked it up and eaten the operating costs himself, not tried to defray them via charter and hope that the customers would only use it in off-prime.

[Darth Wong]

Well, it's no fun skiing in Courchevel, France anymore due to all the Russians jacking up the prices in the hotels. Of course, there are always the nearby villages, the location isn't as good, but the hotels are lovely (Great food) and close to the ski. And due to the lack of overly rich bastards, the hotels cost less than a quarter per night/person.

Oh, and I fully disagree with the elitist words of the riich dude in the article, even though newly rich idiots jacking up prices is fucking annoying. (And I post this from London. I can Never get over the sticker shock here, damn thriving financial sector )

Are you expecting sympathy or something? Or are you just posting to brag that you have a rich daddy?

You know, bragging about a rich daddy is obnoxious enough when pretty girls do it, but when you do it, it's intolerable.

[Stravo]

Well, it's no fun skiing in Courchevel, France anymore due to all the Russians jacking up the prices in the hotels. Of course, there are always the nearby villages, the location isn't as good, but the hotels are lovely (Great food) and close to the ski. And due to the lack of overly rich bastards, the hotels cost less than a quarter per night/person.

Oh, and I fully disagree with the elitist words of the riich dude in the article, even though newly rich idiots jacking up prices is fucking annoying. (And I post this from London. I can Never get over the sticker shock here, damn thriving financial sector )

Are you expecting sympathy or something? Or are you just posting to brag that you have a rich daddy?

You know, bragging about a rich daddy is obnoxious enough when pretty girls do it, but when you do it, it's intolerable.

Not the first time he's done it, he brags about his rich buddies too.

[Frank Hipper]

You know, bragging about a rich daddy is obnoxious enough when pretty girls do it, but when you do it, it's intolerable.

What I find intolerable is someone complaining about competition from nouveau riche for accomodations in Courcheval, of all places!

Following trends is just so...so...common, I think I'm going to be ill.

[Aaron]

Are you expecting sympathy or something? Or are you just posting to brag that you have a rich daddy?

You know, bragging about a rich daddy is obnoxious enough when pretty girls do it, but when you do it, it's intolerable.

I'm pretty sure that it'll get beaten out of him during Basic.

[Darksider]

Is it just me or does it seem that each successive generation of wealthy people gets more and more selfish and idiotic?

You have the first generation who creates the wealth, and worked their entire life for it. They typically aren't assholes, and are willing to re-invest their wealth and create jobs and industries.

Then the second generation of wealth usually follows in the footsteps of the first, often under their guidance.

But as you go on and on to successive generations, they stop giving a shit, because they never knew what it was like to work for their money.

[HemlockGrey]

I'm pretty sure that it'll get beaten out of him during Basic.

Hopefully he'll just get beaten period.

[Rogue 9]

You know, if he has enough to brag about, he has enough to spare. Hey Death, can we talk? I need to borrow a lawyer.

[Patrick Degan]

Is it just me or does it seem that each successive generation of wealthy people gets more and more selfish and idiotic?

You have the first generation who creates the wealth, and worked their entire life for it. They typically aren't assholes, and are willing to re-invest their wealth and create jobs and industries.

Then the second generation of wealth usually follows in the footsteps of the first, often under their guidance.

But as you go on and on to successive generations, they stop giving a shit, because they never knew what it was like to work for their money.

That is, in point of fact, a rather basic observation of the mechanics of plutocracy. Each succeeding generation that never has to work for its money loses further touch with the real world. The ultimate end of this process, should it go unchecked, is usually revolution followed by the mass-executions or expropriations of the aristocrats.

[The Grim Squeaker]

You know, bragging about a rich daddy is obnoxious enough when pretty girls do it, but when you do it, it's intolerable.

What I find intolerable is someone complaining about competition from nouveau riche for accomodations in Courcheval, of all places!

Following trends is just so...so...common, I think I'm going to be ill.

And the next sentence was about not going there due to it being so full of rich people (And upper middle-class Londoners, also travelling with families, due to it being the best place in Europe to go with your family to ski, which is why we used to go there before it got so expensive) and our switching to a much cheaper spot as soon as we found one.
The article deals with rich people getting jumped up at people competing with them on pure prestige, not useful things. Still, sorry if my illphrasing gave off an unsavory impression, I'm still insanely buoyant (Or was when posting that).

And Rogue? For the last time, I myself am not rich, really, honestly and truly. Can't you start making more original jokes about people who actually get paid more than a few percent above minimum wage? Perhaps commodity and energy traders. Like certain Canadians? . [/code]

[aerius]

And Rogue? For the last time, I myself am not rich, really, honestly and truly. Can't you start making more original jokes about people who actually get paid more than a few percent above minimum wage? Perhaps commodity and energy traders. Like certain Canadians? .

Hint: We've never spoken of how much money we may or may not have. We don't talk much about our finances or lifestyle, and you wouldn't be able to put together an accurate picture of where we stand based on anything J or myself have posted on this board.

[Rogue 9]

And even if they had, I doubt they'd give me the time of day anyway if I were to ask.

[Nephtys]

Is it just me or does it seem that each successive generation of wealthy people gets more and more selfish and idiotic?

You have the first generation who creates the wealth, and worked their entire life for it. They typically aren't assholes, and are willing to re-invest their wealth and create jobs and industries.

Then the second generation of wealth usually follows in the footsteps of the first, often under their guidance.

But as you go on and on to successive generations, they stop giving a shit, because they never knew what it was like to work for their money.

That is, in point of fact, a rather basic observation of the mechanics of plutocracy. Each succeeding generation that never has to work for its money loses further touch with the real world. The ultimate end of this process, should it go unchecked, is usually revolution followed by the mass-executions or expropriations of the aristocrats.

Righto. It's the case with power as well as wealth. There's plenty of cases where a conquerer or some other powerful political figure forges an empire (be it financial or national), and trains their successor quite well. The heir takes over, and things go pretty much fine, since the heir was also around before the thing existed. It goes downhill from there.

Also, nouveau riche complaining about prices is the lamest thing ever. People who are actually personally successful from merit don't have the need to weakly brag about it.

[Spin Echo]

And Rogue? For the last time, I myself am not rich, really, honestly and truly. Can't you start making more original jokes about people who actually get paid more than a few percent above minimum wage? Perhaps commodity and energy traders. Like certain Canadians? .

Hint: We've never spoken of how much money we may or may not have. We don't talk much about our finances or lifestyle, and you wouldn't be able to put together an accurate picture of where we stand based on anything J or myself have posted on this board.

I was rather amused when I found out you can check on the internet how much anyone in Norway earns. Apparently the rich hate it, though I don't remember why that was.

I actually found it rather useful in terms of evaluating companies when I was looking for work.

[Einhander Sn0m4n]

You know, if he has enough to brag about, he has enough to spare. Hey Death, can we talk? I need to borrow a lawyer.

Yeah, and I'd like to borrow $75000 to get Dave his RN. No usury, please (translation: 0.00000% APR).

[HemlockGrey]

Yeah, and I'd like to borrow $75000 to get Dave his RN. No usury, please (translation: 0.00000% APR).

I think the colloquial term for that is "a gift".

[Fingolfin_Noldor]

I was rather amused when I found out you can check on the internet how much anyone in Norway earns. Apparently the rich hate it, though I don't remember why that was.

I actually found it rather useful in terms of evaluating companies when I was looking for work.

Probably because they can't find some way to not pay taxes.