Living Stingy: 09/01/2019
The age of the robber barons has come and gone – and come again? I was reading an article about aeroplanes leasing recently. In the event you missed the recent news, there’s a huge controversy between Airbus and Boeing for control of the commercial airliner market. And upstarts like Embraer and Bombardier are edging into their market space.
A recent decision by the International Trade Commission, which I talked about in a previous posting, could impose 200% responsibilities on imported Bombardier aircraft which could lead to a trade battle which will lower our economy. But that isn’t the point of the posting. They were interviewing the relative head of one of the largest plane leasing companies in the world, and talking with the CEO of the business, Mr. Steven Udvar-Hazy. If you’re aircraft fanatic, the name bands a bell, as it’s the name of the Smithsonian’s aircraft museum at Dulles airport, the Udvar-Hazy annex.
Clearly, this is a guy who loves airplanes and has a shitload of money. I go on Jekyll Island, which is a State Park available to anyone in the general public now. But in our historic district will be the remains of the Jekyll Island Club, that was after the exclusive resort of the world’s wealthiest people. In the past due eighteen-hundreds and early nineteen-hundreds, while at golf club is at session from December through March, one-sixth of the world’s prosperity was displayed there. South folks is Cumberland Island which was settled by the descendants of the Carnegies, who made their money from their Uncle who controlled the metal business in its entirety.
- The new classical model implies that substitution of debt for tax funding
- In a democracy, self-reliance must include limited capabilities, and a limited scope of specialist
- 401k Allocation – Stocks
- Which type of UITF is suitable to an investor
- 20% Deduction for Pass-Through Income
Back then they called them Trusts. There have been oil trusts, railroad trusts, metal trusts and almost every other nature of trust. They locked in the economy and controlled huge portions from it. They prevented newcomers from entering the business enterprise and they pushed out marginal players by either crushing them through unfair competition or simply by buying them out. Today, you can go visit the extravagant and expensive mansions and homes of individuals who ran these trusts. Today As well as the question is do we have similar pultocrats around? What led to the demise of the Trusts and the mega-wealth of the turn of the century can be an interesting question, and there are many answers.
Some trace the demise of the mega-wealthy to the imposition of the tax at the start of World War I. Before that right time, you could earn as much money you wished to, and steer clear of paying any taxes largely. The national government funded the majority of its programs through import tariffs and other sorts of taxes, but income itself was not taxed (Appears like Trump’s new tax and tariff plan, no?).
This allowed visitors to accumulate vast levels of wealth and pass it on from era to generation. By the end of World War II, several wealthy people had dissipated their wealth. As I before noted, wealth will dissipate with each successive era as a growing amount of children, grandchildren, and great-grandchildren separate in the pie and fritter it away then.