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The One Percent

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Tyler Durden

Tyler Durden

Joined
24 December 2010
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I saw this advertised on SMH TV a while ago and never got around to watching it until yesterday. The SMH version is crap, with ads and it sometimes stops loading, so I've provided the YT version below.

It's an eye-opening film made by Jamie Johnson, the heir to the Johnson & Johnson empire, which sets out to explore the difference in wealth between the lower class and the 1% of rich people who control a large portion of the country's wealth.

He interviews Milton Friedman (didn't even know he was still alive) and the grand-daughter of Warren Buffet (who was subsequently disowned by Buffet as a result of this video).

It's a bit more than an hour long, so I'd say if you're interested, to grab a snack and put some time aside to watch this, rather than trying to skip through it to get the gist of it.

Looking forward to discussions :)

 
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Tyler Durden said:
Looking forward to discussions :)
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Fantastic video, thanks for sharing it.

On one hand, the desire to accumulate wealth is good. A business man/woman who starts their own business, which develops new technologies to make life simpler, easier, longer or more enjoyable is fantastic. These people create jobs for others. I'm personally very grateful to the former CEO and creator of my company for building the company and providing myself with a satisfying job with adequate pay. Or someone who builds that wealth to make a difference in the world, giving money or time to charities they care deeply about.

However, the greed to make money for moneys sake an the selfishness to just accumulate for the sake of it I don't agree against.
 

Yes, it's a balance that's rather hard to get.

PS. I'd be surprised if the guy with the sports car hasn't been shot yet.
 
white_goodman said:
Uncle Milton died in 2005
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According to Wikipedia, he died in November 2006. This film was made in 2007 so Jamie must have interviewed him not long before he died.

I liked this and watched it right through to the end even though I don't agree with the angle it was trying to push. Jamie Johnson however is a cut above the likes of Mike Moore in that he is respectful in his interviews and tactics. I respect those who are uncomfortable with excessive wealth and who have turned their back on their family's wealth and I always maintain that a rich person is just a much a victim of the circumstance of his or her birth as a poor person. Ultimately however, the gap between rich and poor does not concern me. As Friedman said, the people at the bottom are now a lot better off than they were 50 years ago, it's not as if a part of society has gone backwards because of the gap widening, everyone has actually moved forward.
 
ENP said:
What are you personally gathering wealth for Tyler?
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Trying to support my ideal life...which is having a family and owning a house.

However, I'd like to think that if I was mega-rich then I'd be able to give something back to the community. Although even now as average Joe, I occasionally donate clothes to Vinnies.
 
At the end of the video, Jamie seems to suggest that the "growing wealth gap" is a problem, one that may not have a solution.

Just wondering...do you consider a wealth gap a 'problem'? What about a 'growing wealth gap'?
 
Miss Hale said:
I respect those who are uncomfortable with excessive wealth and who have turned their back on their family's wealth and I always maintain that a rich person is just a much a victim of the circumstance of his or her birth as a poor person.
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inherited wealth perhaps, not earned wealth

ok i just started watching the film, nowhere in economics has anyone, especially milton friedman, ever argued for 'trickle down' economics, its not an economic theory at all, its a caricature of a strawmen used by 'progressives' who have a zero sum view of the economy. Milton Friedman got a Nobel for his work on the consumption function not 'trickle down'

more critiques to come i feel..
 
film is well put together for people with no historical or economic understanding

Its a dumb film though full of strawmen and red herrings
 
I watched the movie and thought to myself thank God I don't live in the USA. The rich getting richer at all costs even if it means ripping off the poor and how non of the rich people wanted to talk about the inequalities of their country makes me sick. That is why I support minimum wages, not 3rd world workers getting paid 3rd. world salaries in 1st. world countries. A lot of people hate unions, I do not, I believe workers should be respected and paid decent wages.

As for the effort and money side of things, it isn't that hard to do well for yourself in a great Country like Australia. Many many immigrants came here with nothing, worked hard, bought businesses and became wealthy. Good on them.

As for me I worked hard too, save money and invested in my own own business. Then I sold it and bought real estate and stocks and kept working hard until "I HAD ENOUGH". This is the part some people have trouble dealing with. They don't know when is enough. I have lived in retirement for 11 years now, draw a very ordinary income and I am happy. I don't mind leaving a good job or business for someone else to benefit from it once I have achieved what I set out to achieve from it. As someone else has said it's all about balance.

The most sensible person interviewed in that movie was the taxi driver towards the end. Thanks for sharing.
 

with all due respect, and remember I'm sayin' with all due respect, that idea ain't worth a velvet painting of a whale and a dolphin gettin' it on
 
white_goodman said:
that idea ain't worth a velvet painting of a whale and a dolphin gettin' it on
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What idea are you talking about? I only stated what had happened, what is happening and what I had done. There were no "idea's" in that post.
 
Bill M said:
What idea are you talking about? I only stated what had happened, what is happening and what I had done. There were no "idea's" in that post.
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I'm also confused. Bill gave an account of how he has approached retirement and how he is finding it in the reality - obviously very satisfying. It sounds to me like someone who has got it pretty much totally right.
 

I like your perspective, Bill. I feel much the same way. After all, if we are to spend money to help the economy along, we need a spendable wage. ie a decent days wage, for a decent days work..
 
I agree that the desire to be wealthy is good. It really depends on your present mental state, because you can find some great wealthy people that really contribute to others with their example, vision and compassion and on the other hand know of an Individual in the Middle Class that thrives on envy but will never be wealthy because he is missing certain qualities
 
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