Billionaire Feels Guilty About Exploiting the Rest of Us
|November 4, 2013||Posted by Staff under Campaigns|
Bill Gross, the billionaire founder and chief investment officer of Pacific Investment Management Co., the world’s biggest bond fund, wrote to his wealthy investors: “Having gotten rich at the expense of labor, the guilt sets in and I begin to feel sorry for the less well-off.”
We in the magnificent ’1%’ grew up in a gilded age of credit, where those who borrowed money or charged fees on expanding financial assets had a much better chance of making it to the big tent than those who used their hands for a living.
Economies work best when inequality of incomes are at a minimum. Right now, the U.S. ranks 16th on a Gini coefficient for developed countries, barely ahead of Spain and Greece.
The 1 percent now take up 20 percent of U.S. income, up from 10 percent in the 1970s.
The wealthy have gotten all of the benefit of the explosive rise of the financial sector over the past several decades.
Acknowledge your good fortune at having been born in the ‘40s, ‘50s or ‘60s, entering the male-dominated workforce 25 years later, and having had the privilege of riding a credit wave and a credit boom for the past three decades. You did not create that wave. You rode it. And now it’s time to kick out and share some of your good fortune.
Gross jabs at financial muckraker Carl Icahn, who lately has been agitating for Apple to pay its shareholders a bigger dividend.
If X can’t grow revenues any more, if X company’s stock has only gone up because of expense cutting and stock buybacks, what does that say about the U.S. or many other global economies? Has our prosperity been based on money printing, credit expansion, and cost cutting, instead of honest-to-goodness investment in the real economy?