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moondust

(19,958 posts)
Sun Jan 19, 2014, 03:34 AM Jan 2014

"For the Love of Money"

By SAM POLK - JAN. 18, 2014

(Sam Polk is a former hedge-fund trader and the founder of the nonprofit Groceryships.)

IN my last year on Wall Street my bonus was $3.6 million — and I was angry because it wasn’t big enough. I was 30 years old, had no children to raise, no debts to pay, no philanthropic goal in mind. I wanted more money for exactly the same reason an alcoholic needs another drink: I was addicted.

~

...I started to see Wall Street with new eyes. I noticed the vitriol that traders directed at the government for limiting bonuses after the crash. I heard the fury in their voices at the mention of higher taxes. These traders despised anything or anyone that threatened their bonuses. Ever see what a drug addict is like when he’s used up his junk? He’ll do anything — walk 20 miles in the snow, rob a grandma — to get a fix. Wall Street was like that. In the months before bonuses were handed out, the trading floor started to feel like a neighborhood in “The Wire” when the heroin runs out.

~

Wealth addiction was described by the late sociologist and playwright Philip Slater in a 1980 book, but addiction researchers have paid the concept little attention. Like alcoholics driving drunk, wealth addiction imperils everyone. Wealth addicts are, more than anybody, specifically responsible for the ever widening rift that is tearing apart our once great country. Wealth addicts are responsible for the vast and toxic disparity between the rich and the poor and the annihilation of the middle class. Only a wealth addict would feel justified in receiving $14 million in compensation — including an $8.5 million bonus — as the McDonald’s C.E.O., Don Thompson, did in 2012, while his company then published a brochure for its work force on how to survive on their low wages. Only a wealth addict would earn hundreds of millions as a hedge-fund manager, and then lobby to maintain a tax loophole that gave him a lower tax rate than his secretary.

~more~

http://www.nytimes.com/2014/01/19/opinion/sunday/for-the-love-of-money.html?ref=opinion


27 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
"For the Love of Money" (Original Post) moondust Jan 2014 OP
Wealth addicts. Interesting meme. I like it. k&r. nt Electric Monk Jan 2014 #1
Yes, we know. DeSwiss Jan 2014 #2
ahhh, but to be onethatcares Jan 2014 #5
''Growth for the sake of growth is the ideology of the cancer cell.'' ~Edward Abbey n/t DeSwiss Jan 2014 #7
a cancer of this planet PowerToThePeople Jan 2014 #8
The irony is..... DeSwiss Jan 2014 #11
Free range serfdom PowerToThePeople Jan 2014 #12
Neither am I. DeSwiss Jan 2014 #14
I agree PowerToThePeople Jan 2014 #16
:-) DeSwiss Jan 2014 #20
K&R.... daleanime Jan 2014 #3
K&R. Nt Lunacee_2013 Jan 2014 #4
where have I heard that before? hfojvt Jan 2014 #6
Thanks. I hope everyone will read your post at that link. JDPriestly Jan 2014 #21
thank you hfojvt Jan 2014 #23
That's true for all of us, I think. Some off-hand comment that wasn't too well expressed gets JDPriestly Jan 2014 #24
The cure is to take away all wealth PowerToThePeople Jan 2014 #9
"For the man who settles for nothing less than way too much." nt bemildred Jan 2014 #10
thanks for posting this.....no text Stuart G Jan 2014 #13
Moderation in all things. JDPriestly Jan 2014 #22
Recommend. nt Zorra Jan 2014 #15
About time we started talking about this. Publicly. Matariki Jan 2014 #17
Excellent article. Matariki Jan 2014 #18
I thought this about my boss, except I called her a "money hoarder." GreenEyedLefty Jan 2014 #19
K&R Edim Jan 2014 #25
Thanks for posting this JustAnotherGen Jan 2014 #26
A visit to his charity's page is almost as eye-opening - Ms. Toad Jan 2014 #27
 

DeSwiss

(27,137 posts)
2. Yes, we know.
Sun Jan 19, 2014, 04:49 AM
Jan 2014

And when those who do have kids murders a few, they get probation. Yada, yada, yada.


- It's called greed. The only cure is REVOLUTION.

K&R



''In the democracy of the dead all men at last are equal. There is neither rank nor station nor prerogative in the republic of the grave.'' ~John James Ingalls

onethatcares

(16,161 posts)
5. ahhh, but to be
Sun Jan 19, 2014, 06:39 AM
Jan 2014

buried high on that hill overlooking the poor dead and to have that monument to themselves.

That seems to be the end result of the money grab, the hell with passing it on or helping others.

 

DeSwiss

(27,137 posts)
11. The irony is.....
Sun Jan 19, 2014, 10:38 AM
Jan 2014

...it was during that scene when Agent Smith is waxing so magnificently arrogant with his disconnected earpiece and his snobbish, condescending demeanor, that Neo and Trinity are down below in the lobby kicking the Matrix's ass. Ha!

Actually though, it's not that humans 'per se' create the world's problem(s):

- ''It's more that they won't lift a finger to help solve the problems because they're AFRAID to even try. Their FEAR is of those who do create the problems.''

 

PowerToThePeople

(9,610 posts)
12. Free range serfdom
Sun Jan 19, 2014, 10:58 AM
Jan 2014

Last edited Sun Jan 19, 2014, 11:32 AM - Edit history (1)

Wage slave.

Wow. Truths that I felt but have never actually heard stated in such an outright manner before. Great video. Sad video. Thank you.

edit - so I looked into the video author a little more. Not sure I agree with him very much at all. But, I may look into the parenting stuff.

I am NOT a libertarian. I am NOT an anarchist. I disdain many of beliefs he seems to espouse. But, I can filter and take only what I do believe in. I just have to understand I am listening to libertarian propaganda.
 

DeSwiss

(27,137 posts)
14. Neither am I.
Sun Jan 19, 2014, 12:27 PM
Jan 2014

Molyneux has his moments. But I detest labels and roundly refuse to accept them from anyone.

- But truth is truth, no matter from whence it comes.....

 

PowerToThePeople

(9,610 posts)
16. I agree
Sun Jan 19, 2014, 12:35 PM
Jan 2014

labels do tend to shoehorn people. But, at the same time, there needs to be some form of descriptor available to use for things. Everyone can not know everything about everyone (well, unless you are the NSA) so we somehow need to classify ourselves in a way that others can understand without an overburden of time commitment.

So, I do see a benefit from labeling. We probably need to get away from overly short labels though. One word descriptors leave a lot of information out.

 

DeSwiss

(27,137 posts)
20. :-)
Sun Jan 19, 2014, 10:07 PM
Jan 2014
"Is," "is," "is" — the idiocy of the word haunts me. If it were abolished, human thought might begin to make sense. I don't know what anything "is"; I only know how it seems to me at this moment.'' Sigismundo Celine, The Historical Illuminatus

hfojvt

(37,573 posts)
23. thank you
Mon Jan 20, 2014, 11:21 PM
Jan 2014

I did put a fair amount of work into it, for only 880 views.

Heck, I usually get more notice though, when I say something stupid or obnoxious.

JDPriestly

(57,936 posts)
24. That's true for all of us, I think. Some off-hand comment that wasn't too well expressed gets
Tue Jan 21, 2014, 02:59 AM
Jan 2014

a lot of attention, but the posts we really work on -- not so much. 880 views is a lot.

 

PowerToThePeople

(9,610 posts)
9. The cure is to take away all wealth
Sun Jan 19, 2014, 08:57 AM
Jan 2014

And never let them have access again.

At the same time, it will be pointed out that all available medical testimony indicates that wealth addiction is a progressive illness, that it cannot be cured in the ordinary sense of the term, but that it can be arrested through total abstinence from money in any form.

http://www.aa.org.au/members/twelve-steps.php


JDPriestly

(57,936 posts)
22. Moderation in all things.
Mon Jan 20, 2014, 10:31 PM
Jan 2014

Alcohol is a physical addiction. Yes it is. Like cocaine or cigarettes.

Money is a mental and spiritual addiction. Until proven otherwise.

GreenEyedLefty

(2,073 posts)
19. I thought this about my boss, except I called her a "money hoarder."
Sun Jan 19, 2014, 02:02 PM
Jan 2014

It was on a much smaller scale than the Wall Street examples in the OP, but still as toxic and obsessive.

JustAnotherGen

(31,780 posts)
26. Thanks for posting this
Tue Jan 21, 2014, 08:56 AM
Jan 2014

It came to me by way of Facebook last night and was going to post it here if no one else had.

Remember this?
U.S. Millionaires Say $7 Million Doesn't Make You Rich, Survey Says
http://www.huffingtonpost.com/2011/03/14/us-millionaires-say-7-mil_n_835327.html

We had a pretty robust discussion at the old Wealth Report blog on WSJ about this when the article first came out. When is enough enough? How much is enough?

Ms. Toad

(33,992 posts)
27. A visit to his charity's page is almost as eye-opening -
Tue Jan 21, 2014, 09:40 AM
Jan 2014

While I applaud anyone trying to make a difference, it is telling that his model of addressing "a hungry Mom (or Dad) struggling to put food on the table, especially in a world where the cheapest food is so unhealthy?" by treating it as food addiction:

Our six month program consists of weekly 2 hour meetings. In the first hour our families learn the cooking, nutrition, and shopping skills necessary to increase the amounts of whole, plant-foods they eat. They learn how to prepare vegetables, make fruit shakes, add fruit/vegetables into other foods, and otherwise prepare food in a healthy manner. They also learn skills on how to navigate an unhealthy food environment.

The second hour of each weekly meeting is structured as a support group, where we discuss the challenges and struggles of adopting a healthier diet in such an unhealthy environment. We discuss things like addictive foods (and the associated withdrawal symptoms), emotional eating, and family-specific belief systems around food.


I may be mistaken, but I think there may be far bigger problems facing hungry people living in poverty - like food deserts, and the lack of transportation to get out of the food desert to buy anything which is not available at the corner 7-11. To be fair, there is a stipend available for each family - but participation in the program is tied to using that money to buy "whole, plant-foods," which - in, my experience, are easily accessible to the hungriest Moms (or Dads).

No wonder he's still worried about running out of money when his last bonus would keep me, without even being particularly thrifty, for the rest of my life.
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