Tuesday, March 3, 2015
Forbes 500 List Reveals A Disturbing Truth About Our Economy
http://www.huffingtonpost.com/2015/03/02/forbes-500-rich-list_n_6784594.html DUE 9 MARCH 2015. According to the author, why is the 15% of wealthiest Americans coming from finance disturbing in our economy?? Do you see the increasing trend in wealth from finance a problem for the future? Click on the FORBES 2014 list of 400 Richest Americans and scan the list. Describe the person(s) on the list you admire and tell why.
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Forbes 500 list of 2015 reveals a disturbing truth about are economy. Our author believes it is disturbing because the result is an ever decreasing connection between the prosperity of the financial system and the economy as a whole. The trend continued after 2011 where 26 percent of the list derived their wealth from finance. The share of wealthy Americans coming from a financial background is greater than 14 percent of the world’s wealthy coming from finance in 2015. America is ahead of the world in financialization. Financialization describes the interlocking and reinforcing trends: the rise in size and importance of the financial sector relative the rest of the economy and the fact that non-finance companies increasingly make money from finance-like activities.
ReplyDeleteI see the increasing trend in wealth from finance a problem for the future because it would mean that the economy would be largely based on America and that could be disastrous. Also, more people will get in to finance which could be bad for the whole world. From the Forbes 2014 list of 400 Richest Americans, a person I admire is Bill Gates because he worked hard for his money in the beginning of his career. He deserves to be the richest also because of his intelligence. Bill gates is number one with a worth of $79.2 billion
According to the author fifteen percent of the wealthiest Americans are those that work in financing, that is: Banking, investing, hedge funds, and private equity. The author finds this disturbing because prosperity and wealth within the financial system doesn’t always lead to prosperity in the economy as a whole. Since, when it comes to financialization, the rewards for the shareholder comes before all other interests.
ReplyDeleteA person that I admire on this list is Bill Gates. I admire him for the hard work he had done to build up his company and I also admire how smart and wise he is. I also admire him for his philanthropy.
The 15% of wealthiest Americans coming from finance is disturbing in our economy because of “financialization- interlocking and reinforcing trends: the rise in size and importance of the financial sector relative to the rest of the economy and the fact that non-finance companies increasingly make money from finance-like activities.” A main aspect of financialization “is putting shareholder rewards above other interests” a result of financialization is “an ever-decreasing connection between the prosperity of the financial system and the economy as a whole.”
ReplyDeleteI see this increasing trend of members of the finance sector making up a larger proportion of the Forbes 400 richest Americans list because they will be more willing to put their interests above ours in order to make more money, thus hurting the middle class and the economy as a result, as the middle class creates jobs and is basically the backbone of the economy in America.
Most of the people on the list are incredibly rich, like they have more money than the US government. They are also overwhelmingly white and male. I lowkey hate all of them just for the ridiculous amount of money they each have but, after clicking on and perusing the list of the 400 richest Americans I can say that I greatly admire Bill Gates and Warren Buffet, not because they are the two richest men in America, but because they worked extremely hard to make that money, they were not born into their money, they didn’t receive it as an inheritance. They earned it. This is admirable because it shows that someone from the middle class can get to their position by investing well or working hard and creating a revolutionary product like the Microsoft computers. I also admire them because they can relate to the middle class, pledging to give away most of their wealth to charity upon their deaths. Also I admire Christy Walton because she looks like an older Ms. walz
"I lowkey hate all of them just for the ridiculous amount of money they each have but,..."
Delete"I see this increasing trend of members of the finance sector making up a larger proportion of the Forbes 400 richest Americans list because they will be more willing to put their interests above ours in order to make more money, thus hurting the middle class and the economy as a result..."
Your comments are extremely troubling. I'm genuinely worried for the future if most of today's youth share your views on wealth and success. You should not hate someone who has become wealthy, you should admire them. These mean and women are brilliant minds who have contributed a great deal to society. If you truly hate today's wealthiest Americans than I encourage you to never purchase an IPhone, as Steve Jobs was a billionaire, and to never use Microsoft products, as Bill Gates is the riches American to date. Also do not make use of banks, and as the CEO's of these banks are very rich as well.
In addition, I feel that your accusation of today's wealthiest Americans as self interested confusing. Everyone, including the poor, are willing to put their interests above everyone else's in order to make more money. That's the nature of being human.
"If you truly hate today's wealthiest Americans than I encourage you to never purchase an IPhone, as Steve Jobs was a billionaire, and to never use Microsoft products, as Bill Gates is the riches American to date." You like many other people always cherry pick things people say and take them out of context, if you had started kicking and screaming when she said "I lowkey hate all of them just for the ridiculous amount of money they each have but,..." then you would have realized that she herself says she doesn't hate them because they are rich but rather the means at which they obtain their wealth. She can still buy from bill gates and Steve jobs because she herself says that these are examples of people who worked hard for their wealth without screwing people over. It seems almost as if you didn't even read what she said because even after it was stated that she liked Bill Gates you told her to stop buying from Microsoft if she hates Bill Gates so much. You're the type of person to praise me if I own 100 slaves and me owning those slaves made me rich because as you say "You should not hate someone who has become wealthy, you should admire them." You never worry about the means in which someone becomes rich only that they are which and that is the most troubling because you will admire them blindly without question.
DeleteAs the great Coolio would say "You're an educated fool with money on your mind"
DeleteThere is a big difference between obtaining wealth through slavery and being a hard working American, the latter of which you condemn. It is nonsensical for anyone to say that they hate everyone on the Forbe's 400 list and then say that they admire the richest man on that list (no offense Meagan). I believe you have both made that error. My point was simply to point out the contradiction in those statements.
DeleteIf you expect me to take your argument seriously after quoting a rapper you are sorely mistaken.
I hate to be mean but once again you make me question your ability to read Megan doesn't hate the wealth they have obtained but rather the means at which they obtained it, I said that In my last response. Also the slaverly was an analogy for how just being rich isn't a reason admiration because bad actions could be taken to become rich.
DeleteShe never explicity stated that she hated everyone on the list, only the majority which put their interest over the interest of many. Gerard your sadly mistakened if you truly believe that the most of the names on this list got their without stepping on others.
DeleteOne shouldn't pride them themselves on admiring the lives of the corporate schmucks. Also, Bill Gates is different then most on this list because unlike the rest he built his fortune from scratch, he is an innovator, and he justifies his work through his progress in philanthropy. If he never felt the moral obligation to pass the torch back to the world then it would be a dark world. Im sorry Gerard but not all republican ideologies stand to be true or even perpetuate the very morals you swear to protect like giving people the oppurtunity to live.
Oh and also, using people as a means to an end is not justified if the end does to manage to give back to those people. IE using people to get higher in life, is not okkay
DeleteYour arguments truly deserve an LOL. First off, I never said that most of the people on the Forbe's 400 list did not get there by stepping on others.In fact I said just the opposite. I said, "Everyone, including the poor, are willing to put their interests above everyone else's in order to make more money. That's the nature of being human". It seems that you and your pal Angelo are once again mistaken.
DeleteIn addition, your claim, "Also, Bill Gates is different then most on this list because unlike the rest he built his fortune from scratch" is just false. According to Investing Answers, "William Henry Gates III (even though he was the fourth person with the name) was born in Seattle, Washington, to wealthy and successful parents." Gates also attended an exclusive prep school. Gates did not as you say "build his fortune from scratch". You have absolutely no reason to idolize Bill Gates over anyone else on that list.
I am sorry Chang, but your arguments do not hold.
I hope you never hold a position of power with that thinking, you would be OK with people using other people as tools to achieve their own personal end. You would sit back as the world falls and you would say it's ok " everyone is willing to put their interest first to make more money" if that were truly true then Bill Gates would never give away some of his money to help others, that itself show that you're wrong also I would do the same so it can't be human nature. I would also question how you came to the conclusion that it's human nature. We see altruistic behavior all the time.
DeletePreach it Gerard.
DeleteThe top 15% of the wealthiest Americans are coming from the finance sector. These jobs include those at banks, investors and private equity. I believe that the wealthiest of Americans are coming from the finance sector because they are more willing to invest in other companies, which make the most money. Bankers and investors are trained in entrepreneurship and investing in the profitable businesses. These are also the people who view capital and profit over health and safety. That could be dangerous. I do see the increasing trend in wealth from the finance sector to be a bad situation because these people can get too much power from money and may not use it wisely. The person I admire the most on Forbes 400 richest Americans list is Bill Gates because he is the richest of them all. He is very inspirational in his philanthropy and donating money to charity. I also know a lot about him and his back story and how hard he worked to get to where he is now. I hope that one day, I can be as wealthy as he is.
ReplyDeleteAccording to the author, the increasing percentage of Americans deriving their wealth from the finance industry is troubling because there is "an ever-decreasing connection between the prosperity of the financial system and the economy as a whole." The author is implying that the financial sector is contributing to the wealth gap in America because those in finance are prospering, while those in other sectors of the economy are not. The author also thinks that the "financialization" of the U.S. economy is bad because it contributes to the practice of putting shareholder awards above other interests.
ReplyDeleteI don't think that this increasing trend of wealth derived from the finance industry is a problem. The author did not present any negative implications from this trend that will affect me directly. There is still a great deal of innovation and entrepreneurship in the economy and I don't think that an increase in financial practices will limit this.
Of all the people on the Forbe's 400 list I think I admire Mark Cuban, #221, the most. I admire him because he has a lot of fun with his wealth and he seems like a confident and strong willed person. I also admire him because he's well spoken and he doesn't censor his speech by practicing political correctness.
According to the author, the 15% of wealthiest Americans coming from finance disturbing in our economy is viewed as disturbing because there is a decreasing connection between the prosperity of the financial system and the economy as a whole. Due to America's finance prospering, the author believes that financialization; which describes interlocking and reinforcing trends such as: the rise in size and importance of the financial sector relative to the rest of the economy and the fact that non-finance companies increasingly make money from finance-like activities; will have a negative impact on the U.S. economy because shareholder rewards come before other interests.
ReplyDeleteI see the increasing trend to be bad because of the large amounts of money/wealth that could be utilized incorrectly and could lead to too much power in the hands of one individual.
I admire Bill Gates the most because of the work and effort he has made to get to where he is today. I admire the work he has contributed to the world and how he inspires the minds of individuals everywhere.
According to the author, the fact that 15% of the wealthiest Americans are coming from the financial sector is disturbing to our economy because it suggests the country is undergoing "financialization" and there is a decreasing connection between the prosperity of the financial system and the economy as a whole. The concern is the financial market is growing while other markets are not. The problem with the financial market is that it does not provide any goods to the economy. The increasing financialization shows a decrease in industrialization. The trend in wealth from finance is not necessarily a problem but could become one. The financial market can grow as long as other markets are sustained. However, if the connection between the financial market and other markets continues to decrease, problems could occur. Of the people on the Forbes 500, I admire Bill Gates. I admire the way he worked as a teenager and simply enjoyed the work he did. He did what he loved and it paid off for him. I also admire that he was not afraid to take risks in order to succeed.
ReplyDeleteAccording to the author, the fact that 15% of the wealthiest Americans is disturbing because of “an ever-decreasing connection between the prosperity of the financial system and the economy as a whole.” This means that the financial sector is slowly drifting from the economy as it contributes more towards its own wealth as other sectors of the economy are failing to keep up. She also includes on how “financialization,” putting shareholder rewards above others, is a negative thing and this is what America excels in the most.
ReplyDeleteI do find that the increasing wealth in the financial sector is a problem because these people who are quickly gaining wealth are hard to trust, not knowing what they’re actually going to do with the money they have earned. These newly made wealthy people are likely to put their interests above ours and continue on with whatever it takes to make more money. In the future this would definitely hurt the classes beneath the men and women who are in the financial sector of the economy.
Out of 400 Richest Americans in 2014, I quite adore South African born Elon Musk. Mr. Musk is the CEO and founder of Space Exploration Technologies and the CEO of Tesla Motors and has a net worth of around 11.6 billion. I admire his work in space exploration to further cut down the costs of space transportation and to eventually send human beings to Mars. But it seems that Mr. Musk is more known for the line of electric cars he has been producing since 2008, starting with the Tesla Roadster (now discontinued) and currently producing the Tesla Model S with several varying trims and specifications. Mr. Musk is a pioneer in the electric car field and has made a name for himself in the filed of electric cars.
Ben Walsh makes the claim that the increase in financial sector top-billionaires of the 2015 Forbes list disturbs our economy through “an ever-decreasing connection between the prosperity of the financial system and the economy as a whole.” He makes the judgment that the economy “seems” to be improving, at least, financially through the idea of putting shareholder rewards first. This idea started up right when the Forbes list began, making the top 500 really a list of the top financial entrepreneurs.
ReplyDeleteI think that the trend, as one blogger on the article’s website commented, is the move from the tangible to the intangible; that billionaires are not working at the rate at which their earnings are rising; that the increase in this financial sector is in fact adding to the world’s income inequality. But I also think that this growing trend makes reasonable sense – of course finances is one of the go-to paths for many entrepreneurs. Business has always been a core of rag-to-riches stories, or simply maintaining one’s status. I feel as though it is a problem for the middle class who will see their wages stagnate while others grow exponentially (not that this new), but it certainly shows great prospect for businesses.
My favorite person on the list is Elizabeth Holmes. Not only is she a self-made billionaire, but she is one of the youngest to make a name for herself and also created a blood-testing company – a pursuit not common or at least perceived well for women.
The 15% of wealthiest Americans coming from finance is disturbing because of financialization. Financialization describes interlocking and reinforcing trends: "the rise in size and importance of the financial sector relative to the rest of the economy and the fact that non-finance companies increasingly make money from finance-like activities." The author of the article finds this disturbing as it results in a decreasing connection between the prosperity of the financial system and the whole economy. Those in the finance sector such as bankers, investors, and hedge fund operators are trained in entrepreneurship and investing in the profitable businesses. These are people who are focused mainly on getting the largest profit possible even if that means they contribute to the ever growing income inequality gap. I do see the increasing trend in wealth from the finance sector to be a bad situation because these people can get too much money and power which can result in the middle class and lower class being at an extreme disadvantage. One of my favorite on the list is Bill Gates. I admire the way he worked as a teenager and simply enjoyed the work he did. His charity work and philanthropic nature is inspirational to all. He also pledges to give away most of his wealth when he dies, a very honorable and noble act.
ReplyDeleteThe reason for the increasing amounts of Financial Millionaire and billionaire Are increasing and continue to increase are Because of the increase in the informational age. Unlike the Industrial Age money is made by doing less, people doing physical labor are becoming more and more financially weak wile people who invest and know how to make there money work for them "finance majors" learn this In school and often time become investors. The times are changing and the increase in poor shows it. Our education system and societies Norms push our children to got to school and get a job. That's was the path to a secure life in the Industrial Age. I believe the informational age will bring rise to new business and doing more with less. In stead of people going out and Getting a job the could invest In Them selfs and create small or large businesses. With the current laws in place this will drop the amount of tax money the government can collect, creating more markets to sell products to. For example if you look at America school systems charter schools are becoming increasingly popular, charter schools get to use private businesses to educate there children and still revive government funding. The government won't be able to afford the current school system and a private cheaper more efficient system. The Information Age is a age of doing more with less.i personally admire all of them, if they have made it to the Forbes 400 they should be admired by all, we should be leading from these self made billionaires and see the billionaires ourself and become the new pioneers of America.
ReplyDeleteAccording to the author, it is disturbing that 15% of the wealthiest Americans come from the financial sector because the financial sector is becoming a more important part of the economy and there is a decreasing connection between the prosperity of the financial center and the economy as a whole. Yes I do see this trend as a problem in the future. The financial sector is concentrated on services rather than tangible goods. This sector is also notoriously corrupt with many crooked people taking advantage of their positions and stealing from or scamming people.
ReplyDeleteFrom the Forbes 500 list, I admire Bill Gates and Larry Page. Bill Gates founded Microsoft and has accumulated great wealth through the company. Unlike other businessmen, Bill Gates has donated a lot to charities and has become a philanthropist. I admire his concern for the less fortunate instead of being focused only on money. Larry Page co-founded Google. Google is a vital part of today's world. From providing search results to creating the android operating system that powers millions of phones, Google has truly become important to everyday life.
The 15% of wealthiest Americans that come from finance are disturbing out economy because there seems to be a negative correlation between the well-being of our economic financial system and nation’s economy as a whole. This increasing trend in wealth continued to rise after the year 2011 where around 26% of the list of 400 Richest Americans received their wealth from finances. This share of the nation’s wealthiest Americans who receive their wealth from a financial background takes up more than 14% of the world’s finances. Due to financialization, which is the interlocking and reinforcement of trends, America is ahead of the entire world with its rise in size and importance of the financial sectors relative to the rest of the world’s economy and how non-finance companies make more money from finance-like jobs.
ReplyDeleteOut of the Forbes 2014 List of Richest Americans, the person I would most admire would be Warren Buffet. He is in the two of the wealthiest people in America due to his hard work and persistence to gain that wealth. Warren Buffet was not born into his wealth, he worked from the bottom of the business chain all the way up and with his determination, and he was able to become the second richest American. I also admire his philanthropist ways in that he gives back to the community through charity to help others who need the money more than he does.
According to the author 15% of the weathiest Americans coming from finance is disturbing in our economy because, it depicts a disconnect with between the prosperity of the financial system and the economy as whole.
ReplyDeleteThe increasing trend of the finance is not necessesarily a problem in a way that any sector that is doing good is good. But the message it passes along is what causes me to look further into the correlation. Its these corrupt capitalist that try to cheat the system by screwing the hardworking americans for a quick buck. This assertion holds to be true because according to the washington post, even though the economy may have been on the decline, the financial sector is better than ever. Washington Post's Lydia DePhillis states "how one aspect of financialization -- putting shareholder rewards above other interests -- is changing the economy. It's a huge trend and one that started in the early 1980s -- right around the time when Forbes began tracking the richest of rich people."
After reviewing the list of names, I admire Elon Musk for his work towards a cleaner enviornment. Instead of the rest of the finance schmucks, Elon Musk stands out as being an innovator long with Bill Gates, but what sets Elon Musk apart from the rest is that he is a self made man that followed a dream to reap the rewards years later, and everyone on this planet benefits whether they see it or not.
According to the author, the 15% of wealthiest Americans coming from finance disturbing in our economy because prosperity and wealth within the financial system doesn’t always lead to prosperity in the economy as a whole. There is rise in size and importance of the financial sector relative to the rest of the economy and the fact that non-finance companies increasingly make money from finance-like activities what the author calls as financialization. These are also the people who view capital and profit over health and safety. That could be dangerous. I do see the increasing trend in wealth from the finance sector to be a bad situation because these people can get too much power from money.
ReplyDeleteOn the FORBES 2014 list of 400 Richest Americans list, the person(s) on the list i admire are 10. Liliane Bettencourt & family and 19. Larry Page. Larry page is the corporation's current CEO for google. Page is the inventor of PageRank, Google's most well-known search ranking algorithm. Google has helped us all for all kinds of searches and what not for free; as for Liliane Bettencourt & family are holders for L'Oréal;
Throughout her life she has maintained a rigorous routine which starts at 4 am and includes hours of exercise and activities including cycling, swimming, walking etc. She has also been a generous philanthropist and promotes science research through various scholarship through her trusts for which she was also awarded "La Légion d'honneur”.
The 15% of wealthiest Americans coming from finance is disturbing in our economy because author as the author says it results in an ever decreasing connection between the prosperity of the financial system and the economy as a whole. This system of financialization always puts the interest of the shareholders ahead of other interests meaning as long as the shareholder rewards are obtained they are willing to do whatever even if it hurts non shareholders. There is definitely an increasing trend in wealth from finance this could become a problem because it's going to increase a demand for finance jobs because it pays so well and lower the demand for other jobs that provide more utility for the country because these jobs pay so much less. For example teacher create lots of utility but no one wants to become one because of the pay. I really try not to admire people I don't really know but I guess Bill Gates seems like a solid guy but I don't really admire him because I don't really know him. Also Peter Peterson has a cool name.
ReplyDeleteAccording to the author, the 15% of wealthiest Americans coming from finance disturbing in our economy because prosperity and wealth within the financial system doesn’t always lead to prosperity in the economy. I believe that the wealthiest of Americans are coming from the finance sector because they are keener to invest in other companies, which make the most money. Bankers and investors are competent in entrepreneurship and investing in the profitable businesses. Also, the author did not present any negative aspects from this that will directly affect me. I admire Phil knight the most because the product he created and the hard work it took to expand this huge enterprise.
ReplyDeleteAccording to the author, the 15% of wealthiest Americans coming from finance is disturbing our economy because of the ever-decreasing connection between the prosperity of the financial system and the economy as a whole. “Financialization,” as illustrated by the light-orange line in the graph provided, is rising in size and has become an important sector. This disturbing trend to some raises concern for one aspect of “financialization” puts shareholder rewards above other interests.
ReplyDeleteThe article fails to pinpoint any negative aspects of the increasing trend in wealth from finance. However, I can see problems arising in the future from this trend. The income inequality gap will inevitably continue to widen and thus be detrimental to the middle-class. Not every rich American will put their earnings back into the economy but they will rather save it. These rich Americans will put their interests above ours and behave ruthlessly to increase their worth.
After reviewing the 400 Richest Americans in 2014, I strongly admire Bill Gates. Despite growing up in an upper-middle-class family, he was not born with a silver spoon in his mouth. In other words, he did not inherit millions of dollars and do nothing to earn his money. Gates put in dedication, time, and effort to become the man he is today. His success did not happen overnight and he will continue to serve as an example for our youth.
According to the author, it is disturbing that 15% of the wealthiest Americans come from the financial sector because the financial sector is becoming a more important part of the economy and there is a decreasing connection between the prosperity of the financial center and the economy as a whole.
ReplyDeleteThis increasing trend in wealth continued to rise after the year 2011 where around 26% of the list of 400 Richest Americans received their wealth from finances. This share of the nation’s wealthiest Americans who receive their wealth from a financial background takes up more than 14% of the world’s finances. Due to financialization, which is the interlocking and reinforcement of trends, America is ahead of the entire world with its rise in size and importance of the financial sectors relative to the rest of the world’s economy and how non-finance companies make more money from finance-like jobs.
I admire Bill Gates the most because of the work and effort he has made to get to where he is today. I admire the work he has contributed to the world and how he inspires the minds of individuals everywhere.
The 15% of wealthiest Americans coming from finance is disturbing in our economy because of the rise in size and importance of the financial sector relative the the rest of the economy and the fact that non-finance companies increasingly make money from finance-like activities, causing a decreasing connection between financial sector prosperity and our economies prosperity. So basically, while the financial sector may be thriving and very successful our economy could be undergoing a downturn or very slow rise. While it might be a problem for the future of our economy, I don't personally see it as a problem. I mean, nowhere in the article did it say that financialization was hurting our economy, its just saying that there is more wealth being generated in the financial sector than that of other economical sectors. I find this to be a great thing since I plan to pursue a Finance degree in college :'). I admire Amancio Ortega the most because he created Zara which is a trendy fashion store that takes popular designs from big fashion houses and makes them more affordable for the general population. He had a great business model and achieved world renowned success profits off his chain of stores.
ReplyDelete15% of the wealthiest Americans coming from finance is disturbing because, according to the author, “The result is an ever-decreasing connection between the prosperity of the financial system and the economy as a whole.” If this does lead to a disconnection between the finance and the economy then, yes it would be a problem because it would mean any prosperity towards finance would not lead to prosperity to the economy.
ReplyDeleteLarry Page and Sergey Brin are persons that I admire. I admire them because they were and are innovative. They created the most popular search engine and created a successful company that continues with innovative ideas, growing and improving them.
According to the author, the 15% of wealthiest Americans coming from finance disturbing in our economy is viewed as disturbing because there is a decreasing connection between the prosperity of the financial system and the economy as a whole. his increasing trend in wealth continued to rise after the year 2011 where around 26% of the list of 400 Richest Americans received their wealth from finances. This share of the nation’s wealthiest Americans who receive their wealth from a financial background takes up more than 14% of the world’s finances. Due to financialization, which is the interlocking and reinforcement of trends, America is ahead of the entire world with its rise in size and importance of the financial sectors relative to the rest of the world’s economy and how non-finance companies make more money from finance-like jobs.
ReplyDeleteFrom the Forbes 500 list, I admire Bill Gates and Larry Page. Bill Gates founded Microsoft and has accumulated great wealth through the company. Unlike other businessmen, Bill Gates has donated a lot to charities and has become a philanthropist. I admire his concern for the less fortunate instead of being focused only on money. Larry Page co-founded Google. Google is a vital part of today's world. From providing search results to creating the android operating system that powers millions of phones, Google has truly become important to everyday life.
The reason the writer of the article takes issue with the top 15% wealthiest people in America coming from the finance sector is bad for the economy is it shows the income inequality between the finance sector and the rest of the economy. If a majority of the wealth is in the finance sector and not in sectors of the economy that produce things then the industry of the economy will slow down. I most admire Jeff Bezos. I not only admire him for coming up with a great company like Amazon, but I mainly admire him for never being content where he is. Jeff Bezos has turned a online store like Amazon into a conglomerate that includes video streaming services, online music store and even the first online grocery store.
ReplyDeleteThe 15% of wealthy Americans is viewed as disturbing because of a decreasing connection between the uprising of the financial system and the economy. Because of America's finance becoming better, the author believes that financialization; which describes interlocking and reinforcing trends such as: the rise in size and importance of the financial sector relative to the rest of the economy and the fact that non-finance companies increasingly make money from finance-like activities; will have a negative impact on the economy. There is a negative trend because of the large amounts of money that could be utilized incorrectly and could lead to too much power in the hands of one individual. I admire Bill Gates the most because of his efforts to get to where he is today. Even after he reached this point, he still places a great effort on helping the world as best as he can.
ReplyDeleteThe 15% of wealthiest Americans from the finance sector is disturbing to our economy because the success and prosperity in the wealth of the finance sector does not lead to success and prosperity in an economy as a whole. This financialization puts shareholder rewards over others' interests.
ReplyDeleteI see this being a problem in the future as these finance millionaires do not typically put money back into the economy. It will also cause a rapid decrease in size of the middle class. This will increase the income inequality gap which will hurt the economy.
The person on this list that i admire the most is Elon Musk because of his determination and hard work. Even on the brink of being bankrupt he managed to pull through and become one of the wealthiest people today.
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ReplyDeleteThe Forbees 500 is a list of the 500 richest individuals in the planet. Of those 500, 15%, roughly 75 people, are people in the finance sector. This by itslef is not necesarily an alarming figure. However, when we put this into context the ramifications are staggering. This equates to a growing division between the growth of the finance sector and the rest of the economy. In 2011, Forbes acounted 20% of the wealthiest in the financial sector, and we were in the middle of a Recession. Corrolation is not causation, but history is a reason to fear the wealth of the financial secor. IN many ways, it could just mean that the world slowly is increasing borrowing, which could have positive effects. Often times we cannot judge a situation and its efects before they happen, sometimes we have to look at the events that happen and determine the causes, and if we determine that such ammasing of wealth in the financial sector is bad then it is something worth not tripping over again. As for the man who i admire, I will have to say Michael Jordan. We is through and through a self made man. A star-turned entrprenuer. I wish i had the ability to take myself from rags and clothe myelf in riches. Also, im a fan of his shoes.
ReplyDeleteThe 15% of wealthiest Americans from the finance sector is disturbing to our economy because their success in the wealth in finance, does not necessarily help the economy succeed as a whole. This puts shareholder rewards over others' interests- financialization.
ReplyDeleteThis may be a problem in the future because these billionaires do not put money back into the economy. This causes a decrease in size of the nation's middle class. This will increase the income inequality gap, this hurting economy.
I admire Ralph Lauren due to his professional history as someone who literally started from scratch. At this point, he invests a lot in his human capital, by gaining jobs to learn skills and trade.
The author finds that the 15% of wealthy Americans that come from finance are disturbing because with that, there is a decreasing connection between the prosperity of the financial system and the economy. Thus the interests of the shareholders are being held on a tremendous pinnacle, while nonshareholders interests are overlooked, and not as cared about. This is through a term called "financialization."
ReplyDeleteThere is clearly an increase in this wealth from the financial system and it serves to be a negative thing because of a couple of reasons. The first being that the more Americans that try to gain success and wealth that way will be taking more money from out of the system because they won't be putting it back into the economy (of course some will come back, but the majority they are going to save.) Another reason being that it could potentially expand the gaps between classes, widening that of the upper and middle classes.
My favorite from the list would have to be Bill Gates, not just because he is extremely well known, but because of his story. Sure, it may not have been a "rags to riches" story but nonetheless it was a story that showcased him taking a skill and putting it to good use and making billions of dollars out of it. Not only that but he is really cool because he made an extremely useful program that millions of people use, our county included, but he gives a lot of the money he makes back to the people through charitable organizations, etc..,
According to the author, there is “an ever-decreasing connection between the prosperity of the financial system and the economy as a whole.” In other words, the financial sector is slowly drifting from the economy as it contributes more towards its own wealth as other sectors of the economy are failing to keep up. Welsh puts financialization, putting shareholder rewards above others, in a negative spotlight as he believes it is the cause for this disconnection.
ReplyDeleteI do see the increasing trend in wealth from the finance sector to be a bad situation because these people obtain too much wealth and power, possibly resulting in a disadvantaged lower and middle class. The rich only put so much money back into the economy and save the rest, thus getting richer without contributing to the better the economy. The wealth gap will only continue to increase, and it is already reaching record levels.
Someone I admire on the Forbes Top 400 list is Mark Zuckerberg. He is not only one of the youngest and richest people on the list, but has given a total of $1.5B to charities and organizations that were in need of it in his lifetime. He used Facebook stock funds of $990 billion to give to the Silicon Valley Community Foundation in 2013, and continues to use his wealth for educational and disease-fighting campaigns.
The author notes the troubling number of approximately 14% of the world's richest people are in the finance sector. While that may not seem like such a large portion of the rich, the growing trends in finance can be extremely detrimental for the future. Just for the year of 2014, 26% of the richest Americans were centered in the finance sector. With this increase of financialization, there are some benefits and harms. While investments and increased profits seem like a good thing, this upward trend can pertain to the negative consequences of money-hungry corporations. As of now I don't see a reason to worry about the trend but perhaps in 10-20 years this could become a problem.
ReplyDeleteWhile nearly everyone on the Forbes 400 list have had great contributions to America, I'd have to say I admire Sergey Brin and Larry Page for Google. Without Google, I would probably have a hard time doing any research for a class.
According to the author, the fact that the 15% of the wealthiest Americans are coming from our finance sector is disturbing is due to the financialization, in which nonshareholders interests are ignored and the interest of the shareholders are of the utmost importance. There is a decreasing connection between the prosperity of the financial system and the economy on a larger scale. The financial market grows larger and larger without providing any goods to the economy, while other markets are ignored. The increasing conditions demonstrate a decline in industrialization. If the financial market continues to grow while the other markets are left to decline, problems will arise.
ReplyDeleteThe person whom I admire the most on the Fortune 500 list is Bill Gates. Not only does he understand the value of hard work, and chooses to leave his children with a modest amount of money instead of an incredible large sum in order to instill the value of work within them. His modest beginnings only serve as an inspiration for young entrepreneurs everywhere. He has also set himself apart from other billionaires in his philanthropic activities in which he has donated millions of dollars towards causes of merit.
The fact that the top 15% of the wealthiest Americans are coming from finance is hurting our economy. This is so because this is resulting in “an ever-decreasing connection between the prosperity of the financial system and the economy as a whole.” The financial sector is drifting away from the rest of the economy and it is getting richer and sucking up the money that could be available for the rest of the economy. The increase in the concentration of wealth in the finance sector will be a problem in the future because these people are self – interested and do not care how their actions will affect the rest of the global economy. Also this will result in a tight globalization of money in one section of the economy so less money will be available to be distributed.
ReplyDeleteThe author has a problem with 15% of the wealthiest Americans coming from the financial district because this "financialization" has interests in only the shareholders, the ones putting their money at risk and investing into the stock. The connection between the health of the economy and the financial system is a decreasing trend.
ReplyDeleteI admire Larry Ellison from the Forbes 2014 because although his software company is not as successful as Microsoft, he has still become very successful in the shadow of Bill Gates and Steve Jobs. Having been the CEO of the company since its foundation, he has done an excellent job ensuring the survival of the company. He has also done a service to the country by building databases for the CIA.
According to the author of this article, the finance sector taking over an increasing 15% of America’s top 500 richest people is disturbing because it is statistical proof of the “ever-decreasing connection between the prosperity of the financial sector and the economy as a whole.” This results in shareholder’s opinions having a massive impact of the economy, and non shareholders being overlooked. THis is a prime example of what is known as “financialization.” The financial sector is facing this increase in wealth, which is actually a negative effect for a number of reasons. One being, More Americans are attempting to gain success and will be taking out of the economy with putting very little back into it. Additionally, the gaps between the classes has an opportunity to expand, dividing the middle and upper classes even more. If I had to choose a favorite, I’d go with Abigail Johnson, because she’s one of the only women that high on the list, without association to a family of husband that she is directly sharing her wealth with. Woo, feminism.
ReplyDeleteBy the way, does nobody else see the problem with the data given for reference? The article focuses on the 15% of wealthy Americans who base their wealth off of the financial system but make no observation to the other 85% of wealthy Americans who make their money through handwork and contribute back to the economy as a whole. This article is a huge issue of framing to cause more hysteria rather than awareness of the economy and offers no "remedy" to what the consider a problem and no educational value to the common consumer about how to become better off in the economy, since that seems to be the priority it suggests we should have.
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