The Rich in America: Power, Control, Wealth and the Elite Upper Class in the United States

The Rich in America: Power, Control, Wealth and the Elite Upper Class in the United States

The American upper class describes the sociological concept pertaining to the "top layer" of society in the United States. About the book: https://www.amazon.com/gp/product/0078026717/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0078026717&linkCode=as2&tag=tra0c7-20&linkId=2eb8359867676703c845d545981030e7 This social class is most commonly described as consisting of those with great wealth and power and may also be referred to as the Capitalist Class or simply as The Rich. Persons of this class commonly have immense influence in the nation's political and economic institutions as well as public opinion. Many politicians, heirs to fortunes, top business executives, CEOs, successful venture capitalists and celebrities are considered members of this class. Some prominent and high-rung professionals may also be included if they attain great influence and wealth. The main distinguishing feature of this class, which is estimated to constitute roughly 1% of the population, is the source of income. While the vast majority of persons and households derive their income from salaries, those in the upper class derive their income from investments and capital gains. Estimates for the size of this group commonly vary from 1% to 2%, while some surveys have indicated that as many as 6% of Americans identify as "upper class." Sociologist Leonard Beeghley sees wealth as the only significant distinguishing feature of this class and, therefore, refers to this group simply as "the rich." " "The members of the tiny capitalist class at the top of the hierarchy have an influence on economy and society far beyond their numbers. They make investment decisions that open or close employment opportunities for millions of others. They contribute money to political parties, and they often own media enterprises that allow them influence over the thinking of other classes... The capitalist class strives to perpetuate itself: Assets, lifestyles, values and social networks... are all passed from one generation to the next." -Dennis Gilbert, The American Class Structure, 1998 " Sociologists such as W. Lloyd Warner, William Thompson and Joseph Hickey recognize prestige differences between members of the upper class. Established families, prominent professionals and politicians may be deemed to have more prestige than some entertainment celebrities who in turn may have more prestige than the members of local elites. Yet, contemporary sociologists argue that all members of the upper class share such great wealth, influence and assets as their main source of income as to be recognized as members of the same social class. As great financial fortune is the main distinguishing feature of this class, sociologist Leonard Beeghley at the University of Florida identifies all "rich" households, those with incomes in the top 1% or so, as upper class. Functional theorists in sociology and economics assert that the existence of social classes is necessary in order to distribute persons so that only the most qualified are able to acquire positions of power, and so that all persons fulfill their occupational duties to the greatest extent of their ability. Notably, this view does not address wealth, which plays an important role in allocating status and power. In order to make sure that important and complex tasks are handled by qualified and motivated personnel, society offers incentives such as income and prestige. The more scarce qualified applicants are and the more essential the given task is, the larger the incentive will be. Income and prestige which are often used to tell a person's social class, are merely the incentives given to that person for meeting all qualifications to complete an important task that is of high standing in society due to its functional value. "It should be stressed... that a position does not bring power and prestige because it draws a high income. Rather, it draws a high income because it is functionally important and the available personnel is for one reason or another scarce. It is therefore superficial and erroneous to regard high income as the cause of a man's power and prestige, just as it is erroneous to think that a man's fever is the cause of his disease... The economic source of power and prestige is not income primarily, but the ownership of capital goods (including patents, good will, and professional reputation). Such ownership should be distinguished from the possession of consumers' goods, which is an index rather than a cause of social standing." -Kingsley Davis and Wilbert E. Moore, Principles of Stratification. http://en.wikipedia.org/wiki/American_upper_class

How to Stay Out of Debt: Warren Buffett - Financial Future of American Youth (1999)

How to Stay Out of Debt: Warren Buffett - Financial Future of American Youth (1999)

Buffett became a billionaire on paper when Berkshire Hathaway began selling class A shares on May 29, 1990, when the market closed at $7,175 a share. More on Warren Buffett: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=9113f36df9f914d370807ba1208bf50b&camp=1789&creative=9325&index=books&keywords=Warren%20Buffett In 1998, in an unusual move, he acquired General Re (Gen Re) for stock. In 2002, Buffett became involved with Maurice R. Greenberg at AIG, with General Re providing reinsurance. On March 15, 2005, AIG's board forced Greenberg to resign from his post as Chairman and CEO under the shadow of criticism from Eliot Spitzer, former attorney general of the state of New York. On February 9, 2006, AIG and the New York State Attorney General's office agreed to a settlement in which AIG would pay a fine of $1.6 billion. In 2010, the federal government settled with Berkshire Hathaway for $92 million in return for the firm avoiding prosecution in an AIG fraud scheme, and undergoing 'corporate governance concessions'. In 2002, Buffett entered in $11 billion worth of forward contracts to deliver U.S. dollars against other currencies. By April 2006, his total gain on these contracts was over $2 billion. In 2006, Buffett announced in June that he gradually would give away 85% of his Berkshire holdings to five foundations in annual gifts of stock, starting in July 2006. The largest contribution would go to the Bill and Melinda Gates Foundation. In 2007, in a letter to shareholders, Buffett announced that he was looking for a younger successor, or perhaps successors, to run his investment business. Buffett had previously selected Lou Simpson, who runs investments at Geico, to fill that role. However, Simpson is only six years younger than Buffett. Buffett ran into criticism during the subprime crisis of 2007--2008, part of the late 2000s recession, that he had allocated capital too early resulting in suboptimal deals. "Buy American. I am." he wrote for an opinion piece published in the New York Times in 2008. Buffett has called the 2007--present downturn in the financial sector "poetic justice". Buffett's Berkshire Hathaway suffered a 77% drop in earnings during Q3 2008 and several of his recent deals appear to be running into large mark-to-market losses. Berkshire Hathaway acquired 10% perpetual preferred stock of Goldman Sachs. Some of Buffett's Index put options (European exercise at expiry only) that he wrote (sold) are currently running around $6.73 billion mark-to-market losses. The scale of the potential loss prompted the SEC to demand that Berkshire produce, "a more robust disclosure" of factors used to value the contracts. Buffett also helped Dow Chemical pay for its $18.8 billion takeover of Rohm & Haas. He thus became the single largest shareholder in the enlarged group with his Berkshire Hathaway, which provided $3 billion, underlining his instrumental role during the current crisis in debt and equity markets. In 2008, Buffett became the richest man in the world, with a total net worth estimated at $62 billion by Forbes and at $58 billion by Yahoo, dethroning Bill Gates, who had been number one on the Forbes list for 13 consecutive years. In 2009, Gates regained the position of number one on the Forbes list, with Buffett second. Their values have dropped to $40 billion and $37 billion, respectively, Buffett having lost $25 billion in 12 months during 2008/2009, according to Forbes. In October 2008, the media reported that Warren Buffett had agreed to buy General Electric (GE) preferred stock. The operation included extra special incentives: he received an option to buy 3 billion GE at $22.25 in the next five years, and also received a 10% dividend (callable within three years). In February 2009, Buffett sold some of the Procter & Gamble Co, and Johnson & Johnson shares from his portfolio. In addition to suggestions of mistiming, questions have been raised as to the wisdom in keeping some of Berkshire's major holdings, including The Coca-Cola Company (NYSE:KO) which in 1998 peaked at $86. Buffett discussed the difficulties of knowing when to sell in the company's 2004 annual report: That may seem easy to do when one looks through an always-clean, rear-view mirror. Unfortunately, however, it's the windshield through which investors must peer, and that glass is invariably fogged. http://en.wikipedia.org/wiki/Warren_Buffett

Roy Casagranda: The Politics of Exclusion

Roy Casagranda: The Politics of Exclusion

Inequality - how wealth becomes power (1/2) | (Poverty Richness Documentary) DW Documentary

Inequality - how wealth becomes power (1/2) | (Poverty Richness Documentary) DW Documentary

Germany is one of the world’s richest countries, but inequality is on the rise. The wealthy are pulling ahead, while the poor are falling behind. For the middle classes, work is no longer a means of advancement. Instead, they are struggling to maintain their position and status. Young people today have less disposable income than previous generations. This documentary explores the question of inequality in Germany, providing both background analysis and statistics. The filmmakers interview leading researchers and experts on the topic. And they accompany Christoph Gröner, one of Germany’s biggest real estate developers, as he goes about his work. "If you have great wealth, you can’t fritter it away through consumption. If you throw money out the window, it comes back in through the front door,” Gröner says. The real estate developer builds multi-family residential units in cities across Germany, sells condominium apartments, and is involved in planning projects that span entire districts. "Entrepreneurs are more powerful than politicians, because we’re more independent,” Gröner concludes. Leading researchers and experts on the topic of inequality also weigh in, including Nobel-prize winning economist Joseph Stiglitz, economist Thomas Piketty, and Brooke Harrington, who carried out extensive field research among investors from the ranks of the international financial elite. Branko Milanović, a former lead economist at the World Bank, says that globalization is playing a role in rising inequality. The losers of globalization are the lower-middle class of affluent countries like Germany. "These people are earning the same today as 20 years ago," Milanović notes. "Just like a century ago, humankind is standing at a crossroads. Will affluent countries allow rising equality to tear apart the fabric of society? Or will they resist this trend?” _______ DW Documentary gives you knowledge beyond the headlines. Watch high-class documentaries from German broadcasters and international production companies. Meet intriguing people, travel to distant lands, get a look behind the complexities of daily life and build a deeper understanding of current affairs and global events. Subscribe and explore the world around you with DW Documentary. Subscribe to DW Documentary: https://www.youtube.com/channel/UCW39zufHfsuGgpLviKh297Q?sub_confirmation=1# For more documentaries visit: http://www.dw.com/en/tv/docfilm/s-3610 Instagram https://www.instagram.com/dwdocumentary/ Facebook: https://www.facebook.com/dw.stories DW netiquette policy: http://www.dw.com/en/dws-netiquette-policy/a-5300954

Park Avenue: money, power and the American dream - Why Poverty?

Park Avenue: money, power and the American dream - Why Poverty?

How much inequality is too much? To find out more and get teaching resources linked to the film, go to www.whypoverty.net 740 Park Ave, New York City, is home to some of the wealthiest Americans. Across the Harlem River, 10 minutes to the north, is the other Park Avenue in South Bronx, where more than half the population needs food stamps and children are 20 times more likely to be killed. In the last 30 years, inequality has rocketed in the US -- the American Dream only applies to those with money to lobby politicians for friendly bills on Capitol Hill. Director Alex Gibney Producer Blair Foster Produced by Jigsaw Productions & Steps International Why Poverty? http://www.whypoverty.net/en/video/29/

Think and Grow Rich: The Lost Secret

Think and Grow Rich: The Lost Secret

http://www.AsAManThinketh.net/think-grow-rich.htm for a free print copy of the number one selling success book of all time. In this video you'll discover the lost "secret" from Think and Grow Rich by Napoleon Hill. It's a pyramid of three powerful success principles.

The Pathology of the Rich - Chris Hedges on Reality Asserts Itself (1/2)

The Pathology of the Rich - Chris Hedges on Reality Asserts Itself (1/2)

On RAI with Paul Jay, Chris Hedges discusses the psychology of the super rich; their sense of entitlement, the dehumanization of workers, and mistaken belief that their wealth will insulate them from the coming storms http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=11150

The Federal Reserve: Biggest Scam In The History Of Mankind - Hidden Secrets of Money Ep 4

The Federal Reserve: Biggest Scam In The History Of Mankind - Hidden Secrets of Money Ep 4

Bonus Presentation here: http://www.hiddensecretsofmoney.com Who owns the Federal Reserve? You are about to learn one of the biggest secrets in the history of the world... it's a secret that has huge effects for everyone who lives on this planet. Most people can feel deep down that something isn't quite right with the world economy, but few know what it is. Gone are the days where a family can survive on just one paycheck... every day it seems that things are more and more out of control, yet only one in a million understand why. You are about to discover the system that is ultimately responsible for most of the inequality in our world today. The powers that be DO NOT want you to know about this, as this system is what has kept them at the top of the financial food-chain for the last 100 years. Learning this will change your life, because it will change the choices that you make. If enough people learn it, it will change the world... because it will change the system . For this is the biggest Hidden Secret Of Money. Never in human history have so many been plundered by so few, and it's all accomplished through this... The Biggest Scam In The History Of Mankind. =========================== For more info. on Gold, Silver, & Mike Maloney, visit the Why Gold & Silver channel and subscribe: http://goo.gl/emXEB Also join GoldSilver.com & Mike Maloney on other websites and social networks: Official Websites: http://GoldSilver.com & http://OroPlata.com/ GoldSilver Facebook: https://www.facebook.com/pages/Goldsilvercom/230719865624 Mike Maloney Facebook: https://www.facebook.com/pages/Mike-Maloney/98230491374 Hidden Secrets of Money Facebook: https://www.facebook.com/HiddenSecretsofMoney Twitter (GoldSilver.com News): https://twitter.com/NewsGoldSilver Twitter (Mike Maloney): https://twitter.com/mike_maloney LinkedIn: http://www.linkedin.com/company/goldsilver-com Thank You for Visiting Us.

G. Edward Griffin on Trump, Secret Societies, Collectivism, Bitcoin and Taking The Red Pill

G. Edward Griffin on Trump, Secret Societies, Collectivism, Bitcoin and Taking The Red Pill

Anarchast Ep.363 Jeff interviews esteemed returning guest G Edward Griffin, author of the book 'The Creature From Jekyll Island' who is hosting the upcoming Red Pill Expo conference in Bozeman, Montana 23-24 June. Topics include: the upcoming Red Pill Expo conference, the globalist collectivist order vs Trump and individualism, the federal reserve system and secret societies, fostering fear to erode civil liberties, non-aggression principle, the elites think they have already won, the important role of cryptocurrencies, the intrinsic value of vaporware, citizen children and the matrix, the pharmaceutical industry, the political system, collectivism vs individualism, a great line-up for the Red Pill Expo! Freedom Force International website: https://freedomforceinternational.org/ Find out more about The Red Pill Expo: http://www.dollarvigilante.com/redpill Anarchast on Facebook: https://www.facebook.com/Anarchast/?fref=ts Anarchast: http://anarchast.com/ Enjoy our content and would like to see us get more amazing guests and spread the word of freedom? A donation to this BTC address will give us more resources to do so: 16AJs5DFEcfCuXkwmx1o54Ld4yXzPP1gVR

How Class Works — Richard Wolff Examines Class

How Class Works — Richard Wolff Examines Class

Richard Wolff is an economist who has studied class issues for more than 40 years. In this animation and audio presentation, Wolff explains what class is all about and applies that understanding to the foreclosure crisis of 2007--2011. He argues that class concerns the "way our society splits up the output [and] leaves those who get the profits in the position of deciding and figuring out what to do with them... We all live with the results of what a really tiny minority in our society decides to do with the profits everybody produces." As you watch and listen, consider what we know from research about disease and illness patterns among groups with lower income, more stress, and less control of their lives. Consider how investment decisions in neighborhoods, over transportation, school facilities, parks, location of grocery stores, quality of affordable housing, etc. influenced by powerful interests, affect the quality of life for large segments of the population. http://rdwolff.com/ This video was produced by the National Association of County and City Public Health Officals (NACCHO) as a part of thier Roots of Health Inequality Project. The project is a web-based course for the public health workforce and "How Class Works" is one section of the course. http://www.rootsofhealthinequity.org/about-project.php http://www.thedossier.info/ https://twitter.com/theDossier_info

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