| I'm a greedy, conservative capitalist and I still thought this essay was garbage. First, it totally failed to address the question of wealth received through means other than entrepreneurship: What about athletes, movie stars, heirs and heiresses, etc? Second, it posits that owner-CEO's will always grow the value of their companies, ignoring that many CEO's with significant shareholdings in their companies have nevertheless plundered their companies for their own benefit. Third, it claims that the rich got that way by doing work other people don't want to do, by which logic the average garbage man should be rich since he is doing work no one wants to do either. Fourth, it lumps short sellers in with various other parasites trying to feast on the wealthy. But if good entrepreneurs will always (always!) grow the value of their companies, why should they fear short sellers? If the company goes up in value, the shorts will get taken to the cleaners. It sounds like the author resents the fact that short sellers perform a valuable function in exposing the overvaluation of companies that aren't doing as good a job as other people might think. Simply put, this is a poorly-reasoned essay with little to add to the debate about taxing the rich. |
These people receive wealth. They do not necessarily generate it. Athletes and movie stars are certainly talented, but entertainment is a place to push excess wealth and not necessarily a source of it.
> it claims that the rich got that way by doing work other people don't want to do, by which logic the average garbage man should be rich since he is doing work no one wants to do either.
No, doing disdainful work is not sufficient for being wealthy. Nor is it necessary. He is saying that it is common, though.
> Fourth, it lumps short sellers in with various other parasites trying to feast on the wealthy. But if good entrepreneurs will always (always!) grow the value of their companies, why should they fear short sellers?
Hm, I missed this part in the essay. Most businessmen recognize the value of short sellers in the marketplace, even if it makes their job harder. It's kind of like competition in that way.