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October 12, 2007
The Only News Source That Matters
The whole Posh-Tots thing reminds me of a great teaser in this week's Onion:
Opinion
"There's Never Been A Better Time to Have a Shit-Ton of Money"
By Sebastian Cross
October 12, 2007 | Permalink
Comments
I don't know Ezra, this actually may be one of the worse times to have a "shit-ton" of money, relatively speaking. A whole bunch of other people have shit ton of money, meaning your 150 foot yacht is pretty paltry in comparison to Roman Abramovich's 480 foot yacht. Gosh, Ezra, have you read any Thomas Frank? (Or Robert Frank, for that matter).
Posted by: Matt Zeitlin | Oct 12, 2007 4:50:08 PM
Nah, it may be a bad time to have "a lot" of money, but a shit ton puts you in the most rarified of groups. The Robert Frank thesis only holds when applied to people for whom there's a relevant scarcity of money -- that's when the expenditures race becomes a problem. For those with an excess, now there are just way more folks helping them spend it. It's worth, on this point, digging up an old NY Times economics column on ow hard it is for Larry Ellison to simply spend the interest on his fortune, but I'm too lazy to do it.
Posted by: Ezra | Oct 12, 2007 5:26:07 PM
Ezra:
You better go check out Andy Sullivan. He just ripped you a new one on Roger Cohen.
Posted by: Joe Klein's conscience | Oct 12, 2007 8:36:18 PM
The Onion is, of course, as always, exactly right.
But we can take this further.
http://everydayecon.wordpress.com/2007/10/10/quote-of-the-day-34/
There's never been a better time to have very little money, either.
Posted by: Tim Worstall | Oct 13, 2007 8:02:06 AM
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Posted by: peterwei | Oct 21, 2007 11:46:22 PM
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