Re: wealth and property rights

[Rabid Wombat <wombat@mcfeely.bsfs.org>]

> > Yup. I agree with you here - every year Forbes puts out its list of the
> > richest people in America. I'm too lazy to go digging under the coffee 
> > table to find the issue, but as I recall, a good number of the people on
> > the list made their money the old-fasioned way - they inherited it.
> >
> > Also - most people inthis country do not have true "wealth" - most are
> > fairly leveraged with mortgages and other loans, so their true net worth
> > is not all that high.
> >
> > The "coupon-clipping" class is mostly "old money."
> 
> Well since so many people are commenting on it, I'd better explain.  I have
> heard a number of times that of all the millionaires in this country, the vast
> majority of them are first-generation millionaires.  I'll certainly admit that
> that's different than saying most of the wealth is first-generation wealth.  And
> sorry, but I can't give a specific source.
> 

I have no doubt that the above is correct - but a million ($) just isn't
what it used to be. Even if all the "millionaires" are 1st generation
wealth, the million+ -aires certainly aren't. 

-r.w.