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California - ground zero for "new wealth" .. no, people do not buy Lamborghini's here.. that is for Miami, Eastern Europeans in Moscow or London, Chinese at Yahoo years ago, or maybe teenage'like guys around New York or Chicago. Here, people like the readers on this site, amass seven figures, and cannot buy a decent house because it is not for sale, and it is too expensive for someone with seven figures of savings. Second, old wealth, zero people have butlers. It does not exist here. But they do have large houses, extensive financial investments including Warren Buffet's stock. A good percentage of wealthy people here do not have children, and therefore grand-children, and among those that do (Catholics etc) the wealthy older people talk non-stop about how to keep the grandchildren out of the money, away from the house, and constant concern for being in a law-suit against a close relative that wants to do any of that. Unfortunately, reality is complicated and stereotypes die every day. In California I believe we are seeing in real time, a lock up of the system of value (money) where the assets are so large, and so immoveable, compared to what people "earn" by working in a job, that there are strange bucklings visible on the street. With Coinbase founders living within three miles of this place here, I agree, there is no stopping this in reality. Big thieves hate little thieves, and it is no secret that the Federal Reserve itself is making a cryptocurrency, with centralized transaction tracking - it was announced here! sorry - I forgot, Lambos in Los Angeles, definitely. Angelinos have always been like that, it is part of the scene. So I am talking "not LA California" perhaps.. my bad! |