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by cakealert 19 days ago
> move money around each other's pockets rather than investing in something wealth creating

So your claim is that wealthy people aren't interested in generating more wealth for themselves? What exactly is it you are claiming? Sounds like something a populist youtuber would say.
2 comments
EliRivers 19 days ago
So your claim is that wealthy people aren't interested in generating more wealth for themselves?

They're interested in getting more wealth for themselves. The easiest way to do that is not to generate new wealth.

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swiftcoder 19 days ago
> So your claim is that wealthy people aren't interested in generating more wealth for themselves?

The claim is that wealthy folks aren't typically interested in generating more wealth for other, non-rich folks

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cakealert 19 days ago
That requires explanation of a mechanism that would generate wealth for yourself (and your selected friends) and no one else. Capturing 100% of the value is all but impossible.

Also you didn't address what he said, possibly because it's complete nonsense?

> A lot of rich people just buy shares (other than at an IPO) and just move money around each other's pockets rather than investing in something wealth creating, or just swap already-existing overpriced properties around each other.

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EliRivers 19 days ago
That requires explanation of a mechanism that would generate wealth for yourself

Acquire it from other people. That's how I do it; my day job pays me less money than me just swapping stocks around. The companies whose stock I buy and sell have never seen a penny from me; never received from me a single penny of investment in their business. I harvest wealth without having ever invested in any company and my actions create no new wealth; I harvest wealth I did not create.

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swiftcoder 19 days ago
> That requires explanation of a mechanism that would generate wealth for yourself (and your selected friends) and no one else

I mean, there are a bunch of direct mechanisms for that, from the legal (preferred stock classes), through the grey (letting your buddies invest pre-IPO), to the less-legal (insider trading)

Sitting on a bunch of real estate in a desirable location like NYC isn't a bad mechanism either.

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